JLN FX: April 11, 2012: China May Let Firms Borrow Yuan Offshore ...

China gives thought to letting its companies borrow yuan-denominated cash to use at home.? CT's attorney general plans to hire a forex expert to look at State Street trades for possible wrongdoing.? Japan's top money person says it would be ill-advised to put off finding solutions to the country's financial problems.

Lead Stories

China May Let Firms Borrow Yuan Offshore
BY LINGLING WEI - WSJ
China is considering increasing the ability of Chinese corporations to borrow yuan-denominated funds outside its borders for use on the mainland, according to people familiar with the matter, a potential move aimed at broadening cross-border capital flows as it pushes to make the yuan a global currency.
http://jlne.ws/IsqSAv

State Street's Connecticut FX trades under review
Reuters via Yahoo! News
Connecticut's attorney general plans to review foreign exchange trades State Street Corp made on behalf of the state's $25 billion pension fund. The office of Attorney General George Jepsen plans to hire a forex consultant who also is willing to provide expert testimony in potential litigation, according to a contract proposal made public. Proposals for the contract are due May 11.
http://jlne.ws/HCaknE

Japan's Currency Chief Warns Against Delay in Tackling Finances
Bloomberg
Japan's top currency official warned against delays in efforts to improve the nation's finances as Prime Minister Yoshihiko Noda grapples with the world's biggest public debt burden.
http://jlne.ws/HCanjq

Company News

FX Alliance Inc. Reports March and First Quarter 2012 Trading Volumes
Thomson Reuters ONE via Yahoo! Finance
FX Alliance Inc., the leading independent global provider of electronic foreign exchange trading solutions, today announced total average daily volume for March 2012 of $90.4 billion, an increase of 4% from the previous month.
http://jlne.ws/HCaknL

BNY Mellon shareholders get heated at annual meeting
Pittsburgh Tribune-Review
Dissident shareholders ripped executives at Bank of New York Mellon Corp.'s most raucous annual meeting in years over allegations that the bank overcharged state pension clients to trade their foreign currencies. Shareholders also criticized the bank for paying bloated salaries to executives and not paying its fair share of taxes.
http://jlne.ws/HCakE7

Liquidnet Sees Strong Quarterly Growth
Business Wire via Yahoo! Finance
Liquidnet, the global institutional trading network, saw strong quarter-over-quarter growth globally. For the first quarter, U.S. average daily volume was 51M, up 25% from Q4?11. In Europe, total principal traded was US$15.7 billion, up 43% from Q4?11.
http://jlne.ws/HCakEa

More Than 100 Institutional Partners Now Offer Currensee Trade Leaders Investment Program to Investors
Marketwire via Yahoo! Finance
Currensee, the industry's first foreign exchange (Forex) alternative investment service, today announced that it has inked partnership deals with more than 100 institutions.
http://jlne.ws/HCakEg

Central Banks

Bank of Spain Says Banks May Need More Capital
CNBC
Spain's banks may need more capital if the economy deteriorates, the head of the central bank said on Tuesday, reflecting growing concerns that some might not survive a recession that may be made worse by the government's austerity drive.
http://jlne.ws/HCaqf7

Jordan Says SNB Currency Policy Intact After Cap Breaches
Bloomberg
Swiss central bank interim chief Thomas Jordan said the bank will continue to enforce the limit of 1.20 francs per euro after temporary breaches of the ceiling raised doubts about its willingness to defend it.
http://jlne.ws/HCanzL

RBI may consider easing FX trading curbs - deputy
Reuters via Yahoo! Finance
The Reserve Bank of India will consider gradually relaxing curbs on intra-day position limits in the forex market that were imposed in December to curb speculative bets on the rupee, a deputy governor said.
http://jlne.ws/HCanzQ

Resignation Of Iran's Central Bank Chief Rejected
Payvand Iran News
Head of Iran's Central Bank Mahmoud Bahmani resigned on Monday from his post; however the resignation was not accepted by senior government officials.
http://jlne.ws/HCanzV

Two Fed officials voice worry on easy policy
Reuters via Yahoo! Finance
Two Federal Reserve officials expressed concern about the central bank's ultra-loose policy on Tuesday, keeping pressure on their colleagues not to launch another round of monetary easing.
http://jlne.ws/HCanQh

Markets and Price Risk

Something Strange Is Going On Behind The Scenes In Switzerland
Bruce Krasting - Business Insider
The ?risk off? trade is commanding the markets. A subtle, but interesting example is the EURCHF. For four days the EURCHF has held to 1/8th percent away from the official 1.2000 peg. It sits at 1.2016 as I write.
http://jlne.ws/HCaqvw

Currency Markets Calm as Yields Fall
By JESSICA MEAD - WSJ
A calmer session prevailed in the currency markets during European hours Wednesday as lower Spanish and Italian bond yields encouraged a more positive outlook among foreign-exchange traders.
http://jlne.ws/HCaqvA

Investors Pull Back From Big Anti-Yen Bets
Wall Street Journal Blogs
Investors appear to be tiring of betting against the yen.
http://jlne.ws/HCaqvE

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