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Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work. |
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OT-S. Korea unveils currency controls
The new rules will cap domestic banks' and non-bank financial institutions'
currency forwards and derivatives at 50 percent of their equity capital. The cap for foreign bank branches was set at 250 percent of equity to account for their lower capital, which on average is just 1/30 of that held by domestic banks. http://www.reuters.com/article/idUSTRE65C0HZ20100613 Best Regards Tom. |
#2
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OT-S. Korea unveils currency controls
On Sun, 13 Jun 2010 01:26:47 -0700, "azotic"
wrote: The new rules will cap domestic banks' and non-bank financial institutions' currency forwards and derivatives at 50 percent of their equity capital. The cap for foreign bank branches was set at 250 percent of equity to account for their lower capital, which on average is just 1/30 of that held by domestic banks. http://www.reuters.com/article/idUSTRE65C0HZ20100613 Best Regards Tom. ============= SK is to be commended for their proactive actions. It remains to be seen if the results are what are anticipated, or if the law of unintended consequences will intervene, but they at least are attempting to reduce domestic speculation/manipulation of their currency. Of particular interest is the limitations on the volume of foreign currency linked derivatives to what is required to cover actual foreign transactions as well as limitations on the internal lending of foreign currency to no more than what is required for "real" foreign transactions. S Korea and the Asian tigers were "squeezed" once by the speculators, and appear to have learned their lesson well (which is more than can be said about Washington and Europe). For some background information and some insight why certain controls were imposed see: http://en.wikipedia.org/wiki/1997_As...nancial_Crisis http://en.wikipedia.org/wiki/Economy..._Korea#Economy -- -- Unka George (George McDuffee) ............................... The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
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