The yuan is only partly convertible and therefore hard for speculators to sell short.
For years, loose money has lubricated markets and encouraged consumers, companies and speculators to borrow handsomely.
Markets arguably need such speculators to provide liquidity and price discovery.
The perceived safety of money market accounts allows speculators to fund their positions cheaply.
Any signs of internal division may tempt speculators to test the E.C.B.'s resolve.
OIL SPECULATION Are speculators to blame for the spike in oil prices?
His tipping of the bank's hand led speculators to drive the euro down to record lows.
Its preference is for volunteers and speculators to come in and fragment the fire service.
Merkel said the mechanism would send a "very clear signal" to market speculators to back off.
Mr. Wagner and his colleagues at CIBC attracted a group of speculators to back NextWave.
This would allow speculators to trade ahead of the fund, which would likely hurt its performance.
