Cargill, Deutsche Bank Among Firms Taiwan Probes for FX Trades

Cargill Inc and Deutsche Bank AG are among a group of major foreign companies under probe in Taiwan for speculating on the surging local currency last year, hindering the central bank’s efforts to rein in a rampant foreign-exchange market.

Eight of Asia’s leading food traders, with the help of six overseas banks, built a combined $11 billion in their Taiwan dollar deliverable forwards positions as of the end of July, the central bank said in a statement last week. Cargill and Louis Dreyfus Co. were involved, along with Deutsche Bank, Citigroup Inc., JPMorgan Chase & Co. and Standard ...