Xenocurrency

Eurocurrency

Deposits in banks that are denominated in currencies other than the one in which that bank operates. For example, a eurodollar is a U.S. dollar deposit outside the jurisdiction of the Federal Reserve, that is, outside the United States. Eurodollar investments may be traded in any country other than the United States, but are usually traded in London. Likewise, a euroyen is a yen deposit outside Japan, thought it usually refers to a euroyen CD. It is important to note that term has nothing to do with the euro, and the prefix "euro-" is used more generally to refer to deposits outside the jurisdiction of the local central bank, e.g. "euroruble."

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Xenocurrency. Xenocurrency is currency that trades outside its own borders.