Germany confirms Fed intervention in currency markets

Section:

That's funny. ... The Fed hasn't announced any such interventions lately. They'd never intervene surreptitiously in the gold market too, would they?

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German Economics Minister: U.S. Fed Is Also Active In Currency Markets

By Roman Kessler
Dow Jones Newswires
via Nasdaq.com, New York

Friday, May 28, 2010

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=20100528...

MAINZ, Germany -- The U.S. Federal Reserve is also active in currency markets, German Economics Minister Rainer Bruederle said Friday.

His comments come on the heels of remarks made by his Swiss counterpart who said that the Swiss National Bank purchased euros to buttress the single currency.

"It is a regular procedure of central banks" to intervene in currency markets, Bruederle said. "It is not a secret" that central banks have a foreign exchange rate target, he added.

Bruederle said "eruptive" movements have to be avoided. He previously said that China holds 25 percent of its foreign exchange reserves in euros.



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