This disappointed me, because until recently I was planning a feature about how well the banks have served their clients by tailoring products to manage their FX risk more efficiently.
Given what’s gone on in Mexico, Brazil, Korea and, most recently, with Citic Pacific, that is going to have to be rethought. But I reckon that the banks, although they will be pilloried, are not wholly to blame. Rather, it’s another take on the trading game Go for broke I wrote about last week.
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