Deutsche Bank’s Head of Electronic Forex Retires, China Worried of Rising Forex Reserves

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Deutsche Bank’s Head of Electronic Forex Retires, China Worried of Rising Forex ReservesThe head of electronic forex trading at Deutsche Bank has retired from the Germany’s biggest bank, reported Der Spiegel magazine.

A spokeswoman at the bank revealed that Robert Mandeno had left the company. “He chose to retire months ago,” she said, without elaborating further. The news comes hot on the heels after the Germany-based bank’s global head of forex trading Kevin Rodgers announced he will leave this June in order to pursue his personal interests.

The departure of the two key officials comes at a time when authorities in Britain, United States, Asia and Europe are investigating whether traders in about 15 major banks conspired to manipulate benchmark forex rates by exchanging sensitive client orders.

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However, Der Spiegel said its sources told it that there were no accusations against the two officials. Deutsche Bank is one of the 12 big banks that have been listed as a defendant in a joint antitrust lawsuit in the U.S. where plaintiffs are arguing the banks colluded to fix prices in the $5.3 trillion-a-day forex market, reported Reuters.

Separately, Chinese Premier Li Keqiang hinted at reducing trade imbalances with its trading partners as it seeks to tame its huge foreign currency reserves which threaten to cause inflation in the long run. Keqiang was speaking on Sunday during a state visit to Kenya.

“Frankly speaking, foreign exchange reserves have become a big burden for us, because such reserves translate into the base money, which could affect inflation,” said Li, according to Phoenix New Media.

Chinese forex reserves, the world’s biggest, surged $130 billion in the first three months of the year to an all-time high of $3.95 trillion. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com