The central bank said the local currency was relatively stable after the NT dollar weakened 0.89 percent against its US counterpart yesterday in Taipei trading.
The local unit has dropped 1.34 percent against the greenback this week.
The NT dollar closed NT$0.293 lower at NT$32.99 against the US dollar — a 13-month low — on the back of strong demand for the US currency from offshore non-deliverable forward (NDF) contracts and continued outflows of foreign capital from the equity market, dealers said.
Turnover was US$1.126 billion yesterday on the Taipei Forex Inc.
Including turnover on the smaller Cosmos Foreign Exchange, total transactions reached US$1.695 billion in Taipei trading yesterday.
The central bank said the NT dollar’s weakness was nothing unique and similar to the movements of other major currencies.
The bank said in a statement that the Singapore dollar fell 1.37 percent against the US dollar, while the South Korean won fell 3.15 percent.
So far this year, the NT dollar has depreciated 1.69 percent against the US dollar.
It has plunged by more than 9 percent since late March, amid rising pressure on foreign fund managers to pull their money from the emerging markets to use at home markets.
Over the same period, Singapore dollar has dropped 4.08 percent against the US currency, the Korean won has declined 31.32, and the euro, 12.69 percent, the statement said.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS