HKMA Probe Uncovers Failed Attempts at Currency Manipulation

The Hong Kong Monetary Authority said its year-long investigation into the city’s currency market uncovered attempts to manipulate exchange rates, though there was no collusion between banks.

A Hong Kong-based trader at Standard Chartered Plc was suspected of trying to influence an Asian currency benchmark fixing by making requests to an overseas colleague between March 2009 and November 2010, though there was insufficient evidence to suggest trades were actually made to achieve this, HKMA said in a statement today. There was also a failed attempt by Deutsche Bank AG traders to influence the Hong Kong dollar spot rate in March 2009, it added, without providing names.