A yard is trading slang for 1 billion units of a particular currency. The correct term is a millard, which means one thousand million (1,000,000,000) – in other words, a billion.
In forex, a standard lot is made up of 100,000 currency units. A yard is made up of 10,000 standard lots. Most traders work with standard lots, but large institutions and central banks usually trade using yards or half-yards. When a central bank wishes to make a really obvious currency intervention, it will usually place several orders in yards or half-yards over a trading period.
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