April 1, 2014 / 4:56 AM / 4 years ago

Hong Kong says investigating a number of banks on alleged FX manipulation

April 1 (Reuters) - Hong Kong’s de facto central bank said on Tuesday that it is investigating a number of banks as part of the global probe into alleged manipulation of foreign exchange markets, as investigations into the $5.3 trillion-a-day-market escalate.

The Hong Kong Monetary Authority (HKMA) said in a statement to Reuters that it is requiring several banks to conduct independent reviews of their foreign exchange operations and send them the results.

“The reviews are in progress,” an HKMA spokeswoman said in the statement. “The HKMA is also liaising with relevant overseas bank supervisors on the matter.”

Regulators around the world are looking closely at traders’ behaviour on a number of key benchmarks, spanning interest rates, foreign exchange and commodities markets.

On Monday, Swiss and British regulators both stepped up their investigations into whether traders colluded to manipulate currency rates. (Reporting by Rachel Armstrong in SINGPAORE; Editing by Ryan Woo)

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