The Swiss National Bank and the People’s Bank of China agreed to establish a bilateral currency swap line, bolstering access to trade finance in the Swiss franc and strengthening the international use of the yuan.
U.S. stocks dropped from a record, led by declines in small-cap companies, as analysts brought forward estimates for the Federal Reserve to raise interest rates. Commodities slumped as oil and metals retreated.
BNP Paribas SA won a reprieve during final talks to settle a criminal probe into U.S. sanctions violations, giving the bank six months to prepare for a ban on handling certain dollar transactions, according to a person with direct knowledge of the matter.
Money managers and brokers are shunning Barclays Plc’s dark pool after allegations the bank lied to clients about whether they would be dealing with high- frequency traders, according to people with knowledge of the matter.