Taiwan’s central bank asked 65 banks for details of their foreign-currency lending to make sure exporters and importers aren’t using the loans to speculate on the local currency, an official at the monetary authority said.
Asian nations may undertake joint measures to prevent excessive speculation in their currencies, Thai Finance Minister Korn Chatikavanij said after the U.S. embarked on a second round of quantitative easing.
King Canute had it easy. Indian Finance Minister Palaniappan Chidambaram has battled currency markets for two months, trying to stem the collapse of the Indian rupee from 55 to a dollar in May to 65 this week. He has found commanding currency markets even harder than commanding the ocean waves.
Gladys Varela is stuck in Venezuela this Christmas. After scanning travel agencies in Caracas for three months for a plane ticket to visit her daughter in Mexico, she found airlines want nothing to do with bolivars.