The central bank is pushing for curbs to be imposed on the amount of Chinese capital that can be placed in local stocks, hoping to stem the inflow of speculative funds, an official said yesterday.
The Financial Supervisory Commission, which has the authority to set limits on Chinese funds, has been approached by central bank officials eager to keep controls tight, said Lu Ting-chieh (盧廷劼), the commission’s chief secretary.
“The central bank has expressed the hope to us that we will cut the investment amount,” Lu said.
Chinese institutional investments in stocks are expected soon after Saturday, when three financial memoranda signed by Taipei and Beijing in November take effect, including one that allows Chinese investors to place funds in Taiwan’s stock markets.
The commission had initially set the maximum for Chinese institutional investments at an overall total of US$1 billion, but the central bank’s recent approaches indicate it considers this amount too large.
The Economic Daily News reported yesterday the central bank’s move to cut the investment amount aims to curb market speculation amid fears that a massive entry of foreign funds will destabilize the New Taiwan dollar.
A subsidiary of a Hong Kong-based company that has lost control of two critical ports on the Panama Canal said it is seeking US$2 billion of compensation in damages from Panama over its “illegal” takeover of the ports. Panama Ports Co, a unit of Hong Kong’s CK Hutchison Holdings (長江和記實業), on Friday said in a statement that it is demanding the sum under international arbitration proceedings that it had already started. The Panamanian government last week seized control of the Balboa and Cristobal ports on each end of the Panama Canal, after the country’s Supreme Court declared earlier that a concession allowing
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