Fri, Nov 26, 2004 - Page 11 News List

NT dollar hits four-year high against the greenback

CNA , TAIPEI

The New Taiwan dollar continued its rise yesterday, gaining NT$0.148 to end at NT$32.239 against the US dollar that hit a four-year high on the Taipei foreign exchange market on a weakening greenback.

A total of US$1.369 billion changed hands.

The greenback opened at the day's high of NT$32.350 and hit a low of NT$32.180 during the trading session.

Despite the continued appreciation of the NT dollar, the government is optimistic about the prospects for the country's exports.

Chang Yaw-tzong, director-general of the Statistics Department under the Ministry of Economic Affairs (MOEA), claimed recently that Taiwan, compared to South Korea, one of the country's major export rivals, still enjoys an advantage in exports, as the South Korean won has strengthened more than the NT dollar.

Chang forecast that Taiwan's outbound shipments, particularly in the information and electronics industries, will continue to grow in November and December and next year after the country's export order value broke the US$20 billion mark to reach a new single-month high of US$20.25 billion in October.

Amid anticipation that China's yuan may appreciate early next year, a well-known Taiwanese economist forecast that the Chinese currency will go up in value in the second half of next year.

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