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The People's Bank of China, the country's central bank, said that effective on Monday it would allow the renminbi to fluctuate up or down in value by as much as 1 percent against a fixed benchmark with the dollar during daily trading.
given that the ex-post final demand equivalent of the fixed benchmark final demand (d j ) is d j /λ j for all j.
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The European commission fined the bank £600m for collusion in fixing benchmark interest rates.
Banks across the world are under investigation for a string of alleged misdeeds, including fixing benchmark interest rates and manipulating foreign exchange markets.
Ten former employees at Deutsche Bank and Barclays are to be charged by the Serious Fraud Office SFOO) in relation to allegations they plotted to fix benchmark euro interest rates.
Holding down demand, he said, were the currently higher yields, uncertainty over a growing supply of debt and the change this week in leadership at the Federal Reserve, which fixes benchmark short-term interest rates.
The bank has already paid billions in fines and settlements related to accusations that it colluded with other banks to fix benchmark interest rates, and that it violated international sanctions against countries like Iran.
The allegations involve collusion among the banks' traders to fix benchmark exchange rates in their favor, resulting in higher costs for pension funds, mutual funds, multinational corporations and other bank clients that routinely buy and sell currencies.
There's always demand for long-dated assets". Holding down demand, he said, were the currently higher yields, uncertainty over a growing supply of debt and the change this week in leadership at the Federal Reserve, which fixes benchmark short-term interest rates.
Deutsche Bank has set aside 2.4 billion euros ($3.2 billion) to cover the potential cost of proceedings that include a tax evasion inquiry in Germany and an international investigation into accusations that its employees and those at other investment banks colluded to fix benchmark interest rates.
The doctrine is also being used in a variety of other areas such as curbing protectors, fixing benchmarks and other fraud cases where it is easier to demonstrate participation and encouragement than the common purpose required for a conspiracy.
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