Taiwan's central bank has asked custodian banks involved in foreign exchange transactions to exercise restraint in trades as it seeks to rein in the soaring local currency through "moral persuasion", four sources with direct knowledge told Reuters.
Taiwan's central bank has asked custodian banks involved in foreign exchange transactions to exercise restraint in trades as it seeks to rein in the soaring local currency through "moral persuasion", four sources with direct knowledge told Reuters.
Taiwan's central bank has sent inspectors to domestic banks to investigate whether exporters are speculating in foreign currency as the Taiwan dollar soars against the U.S. dollar, three sources with direct knowledge of the matter told Reuters.
By Reuters Staff
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TAIPEI, Jan 6 (Reuters) - Taiwan’s foreign exchange reserves rose by $16.514 billion in December, the fastest monthly rise on record, the central bank said on Wednesday, adding it had had to intervene in the forex market owing to the flood of foreign capital.
Taiwan’s foreign currency reserves hit $529.911 billion in total last month, the central bank added.
Reporting by Liang-sa Loh; Writing by Ben Blanchard; Editing by Andrew Heavens
By Reuters Staff
(Adds details)
TAIPEI, Jan 6 (Reuters) - Taiwan’s foreign exchange reserves rose by $16.514 billion in December, the fastest monthly rise on record, the central bank said on Wednesday, adding it had needed to intervene in the forex market owing to the flood of foreign capital.
Taiwan’s foreign currency reserves hit $529.911 billion in total last month, the central bank added. They had increased by $51.785 billion in 2020.
The Taiwan dollar is at a more than 23-year high against the U.S. dollar, unnerving the government, which is wary of being labelled a currency manipulator by Washington, Taiwan’s most important international backer.