The Taiwan dollar fell, the biggest fluctuation of any currency yesterday, as investors abroad sold shares this week on concern relations with China will deteriorate after the Beijing government passed its "Anti-Secession" Law.
The currency was headed for its biggest weekly percentage loss since July 2002 as investors abroad made net sales of stocks for four straight days, yesterday selling the most in almost a year. President Chen Shui-bian (陳水扁) on March 16 said a million people will join a March 26 protest against the Chinese law, which would authorize an attack should Taiwan declare independence.
"Some people are nervous about the issue, weighing on the Taiwan dollar," said Tarcisio Tong, a currency trader at Union Bank of Taiwan (
The currency fell NT$0.06 against its US counterpart to close at NT$31.152 in Taipei on turnover of US$840 million yesterday, bringing the weekly decline to 1.2 percent, according to Taipei Forex Inc.
The loss for the week would be the biggest on a percentage basis since the seven days ending July 26, 2002. It would also be the first weekly decline since the first week of January.
Taiwan's dollar may slide to NT$31.20 next week, Tong said.
The world's biggest movers are based on changes in price or yield and are screened for the size of the market and amount of daily trading.
Yesterday, investors based outside of Taiwan made net stock sales of US$390.7 million.
The local dollar also fell on concern the nation's central bank will sell the currency to protect exporters, which account for about half of the economy.
The bank may "enter the foreign-exchange market to make adjustments," governor Perng Fai-nan (
The Taipei-based Economic Daily News yesterday said Taiwan and South Korea may cooperate to counter speculative inflows of "hot money" that have pushed their currencies higher. Taiwan's deputy central bank governor Liang Fa-chin (梁發進) met Park Seung, the governor of the central bank in South Korea, the newspaper said.
Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Monday introduced the company’s latest supercomputer platform, featuring six new chips made by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), saying that it is now “in full production.” “If Vera Rubin is going to be in time for this year, it must be in production by now, and so, today I can tell you that Vera Rubin is in full production,” Huang said during his keynote speech at CES in Las Vegas. The rollout of six concurrent chips for Vera Rubin — the company’s next-generation artificial intelligence (AI) computing platform — marks a strategic
Shares in Taiwan closed at a new high yesterday, the first trading day of the new year, as contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) continued to break records amid an artificial intelligence (AI) boom, dealers said. The TAIEX closed up 386.21 points, or 1.33 percent, at 29,349.81, with turnover totaling NT$648.844 billion (US$20.65 billion). “Judging from a stronger Taiwan dollar against the US dollar, I think foreign institutional investors returned from the holidays and brought funds into the local market,” Concord Securities Co (康和證券) analyst Kerry Huang (黃志祺) said. “Foreign investors just rebuilt their positions with TSMC as their top target,
Enhanced tax credits that have helped reduce the cost of health insurance for the vast majority of US Affordable Care Act enrollees expired on Jan.1, cementing higher health costs for millions of Americans at the start of the new year. Democrats forced a 43-day US government shutdown over the issue. Moderate Republicans called for a solution to save their political aspirations this year. US President Donald Trump floated a way out, only to back off after conservative backlash. In the end, no one’s efforts were enough to save the subsidies before their expiration date. A US House of Representatives vote
REVENUE PERFORMANCE: Cloud and network products, and electronic components saw strong increases, while smart consumer electronics and computing products fell Hon Hai Precision Industry Co (鴻海精密) yesterday posted 26.51 percent quarterly growth in revenue for last quarter to NT$2.6 trillion (US$82.44 billion), the strongest on record for the period and above expectations, but the company forecast a slight revenue dip this quarter due to seasonal factors. On an annual basis, revenue last quarter grew 22.07 percent, the company said. Analysts on average estimated about NT$2.4 trillion increase. Hon Hai, which assembles servers for Nvidia Corp and iPhones for Apple Inc, is expanding its capacity in the US, adding artificial intelligence (AI) server production in Wisconsin and Texas, where it operates established campuses. This
RSS