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User ID: 52851359 United States 04/30/2014 05:23 PM Report Abusive Post Report Copyright Violation | Taiwan to Penalize Three More Banks Over Derivatives Linked To Chinese Yuan [ link to www.nasdaq.com] Taiwan is stepping up penalties against domestic banks that mis-sold complex derivatives linked to the Chinese yuan as the leveraged instruments turn sour because of the currency's continuing slide. The Financial Supervisory Commission said Wednesday it will take measures against three banks it didn't name, two days after punishing medium-sized Bank SinoPac with a ban on selling the same products because it didn't fully disclose the potential risks. A Sinopac spokerperson was not immediately available. The derivatives had been popular on the island because of close links to the Chinese economy, and allowed small businesses and wealthy individuals to profit from the currency's rise in recent years. But the yuan's surprising and unprecedented drop in 2014, now down 3.4% and at the weakest against the dollar in more than 18 months Wednesday, is creating paper losses and complaints from holders. Read more: [ link to www.nasdaq.com] Last Edited by Uncle Fuck Stick on 04/30/2014 06:01 PM:4hlick: |