Central bank Governor Perng Fai-nan (彭淮南), who is attending the annual meeting of the Asian Development Bank (ADB) in Bali, Indonesia, yesterday urged Asian countries to set up a regional exchange rate mechanism to maintain the stability of Asian currencies.
Established in 1966, the goal of the ADB is to reduce poverty in the Asia-Pacific region by promoting equitable and environmentally sustainable economic growth.
“One of the most important actions that can be taken to address the global financial crisis is to strengthen regional cooperation,” Perng told the international body’s 42nd annual assembly.
The ADB should take the lead in furthering cooperative relationships among member countries in light of its extensive experience, highly qualified staff, advanced technology and other resources, Perng said in a faxed statement.
Headquartered in Manila, the regional organization has 67 members, including 48 from the region. Taiwan is a founding member.
Lin Sun-yuan (林孫源), the director-general of the central bank’s department of foreign exchange, said in Taipei that the proposed exchange rate coordination regime, if realized, could help shield a member country’s currency from the negative effects of hot money.
The South Korean won, for instance, has fluctuated drastically in recent months and only appeared to regain stability recently, Lin said.
He said the ADB could set aside a fund and lend money to members whose currencies experienced excessive fluctuations caused by speculators.
The central bank has voiced concern that the New Taiwan dollar is being negatively affected, with the currency picking up 1.1 percent this year while economic fundamentals remain dismal.
Owing partly to capital influx, the nation’s foreign exchange reserves rose US$4.537 billion last month to a new high of US$304.66 billion, Lin said.
He attributed the increase to the central bank’s management strategy, as well as gains in foreign exchange reserves denominated in the euro, the pound and other currencies.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
RSS