" He called foreign-exchange speculation "unnecessary, unproductive and immoral.

CNN: A QUESTION OF OPENNESS

Or to put it another way, the vast majority of foreign exchange trading was supporting market speculation, not genuine wealth-creating activity by businesses.

BBC: How scary is a financial transactions tax?

Instead its foreign-exchange reserves are building up because of strong capital inflows, driven by speculation that it will have to revalue its currency.

ECONOMIST: China's economy