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8 banks probed for currency manipulation

Eight banks based in Switzerland, Britain and the United States are being probed into for currency manipulation after preliminary investigations in September. The banks under investigation were Swiss lenders UBS, Credit Suisse, Julius Bär and Zürcher Kantonalbank (ZKB), as well as British banks Barclays, Royal Bank of Scotland (RBS), and JPMorgan and Citigroup from the United States. According to reports, there is evidence that these banks colluded to manipulate exchange rates in foreign currency trades. Initial probes assumed that most important exchange rates were affected, as currency traders from those banks were suspected of exchanging sensitive information as well as coordinating their buying and selling to this purpose. Swiss authorities are the first to launch a formal investigation into foreign exchange rate (Forex) rigging, with regulators in Britain, Hong Kong and the United States still examining evidence of manipulations in the 5.3-trillion-dollar-a day forex market.

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