Taiwan’s currency rose, extending its biggest weekly gain in eight months, as a rebound in Asian stocks helped damp risk aversion. Bonds fell.
The currency strengthened against the US dollar as the benchmark TAIEX share index climbed for a fifth day. China’s top Taiwan envoy Chen Yunlin (陳雲林) arrived in Taipei today to discuss trade links, becoming the highest-ranking bureaucrat to set foot on the island in six decades.
“We’re definitely seeing an improvement in risk appetite,” said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong. “We’re seeing an improvement in financial conditions in the past week.”
The nation’s currency rose 0.3 percent to NT$32.898 against the greenback at the 4pm close, Taipei Forex Inc said. It strengthened 1.2 percent last week, rebounding from its weakest level since 2005.
The MSCI Asia Pacific excluding Japan Index of shares jumped 4.9 percent and most of the region’s currencies advanced.
Japan’s financial markets were closed today for a public holiday.
The TAIEX, which last week dropped to a five-year low, added 2.6 percent.
Taiwan’s currency may decline later this week when the trade figures for last month are released, Maguire said.
Exports fell 1.9 percent from a year earlier after dropping 1.6 percent in September, according to economists in a Bloomberg News survey before the finance ministry report on Friday.
That would be the steepest decline since February 2005.
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