Google Search Gives Mistaken High Exchange Rate of USD Against CNY as 7.43
Yicai Global
/SOURCE : Yicai
Google Search Gives Mistaken High Exchange Rate of USD Against CNY as 7.43

(Yicai Global) Dec. 6 -- If you had used Google to search for the exchange rate of the USD against the yuan, on the afternoon of Monday, US Eastern Standard Time, you would get a surprising result. According to the world's-biggest search engine, the rate was 7.43 yuan.

Currency converter website Xe.com also reported the anomaly, giving a quotation of CNY7.43279 to USD1, when the normal price is around CNY6.9.

It was soon discovered by netizens that Google uses forex data from Xe.com. Among all the currency websites and major banks, only Xe.com showed an exchange rate of 7.43, while all other websites and major banks reported an expected exchange rate of about 6.8.

The anomalous figure was probably due to an invalid operation in after-hours trading by UK-based ICAP, a leading markets operator and provider of post trade risk mitigation. This, in turn affected the currency data at Xe.com, leading to similar problems at some of the banks and search engines using the XE application programming interface.

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