South Korea said yesterday it will offer a monthly record of 8.27 trillion won (US$8 billion) in treas-uries in January, with 5 trillion won (US$4.8 billion) of the sum aimed at stabilizing the Korean currency against a weakening US dollar.
The January issue exceeds December's 5.57 trillion won (US$5.4 billion) and surpasses the previous monthly record of 6.28 trillion won (US$6.1 billion) in treasuries offered in November.
South Korea's won currency has gained more than 15 percent over the past year versus the US dollar, outperforming most other Asian currencies amid the global weakening of the American currency.
Its gains have added woes to the country's export-reliant economy because South Korean exports become more expensive overseas.
The 5 trillion won earmarked for stabilizing the won in January also marked a monthly record of its kind, the Ministry of Finance and Economy in a statement.
Still, the ministry warned that it can issue more state bonds to curb the won's rise against the US dollar.
Also yesterday, the state-run Korea Development Bank forecast that the won's value is likely to increase nearly 11 percent against the US dollar this year.
The won changed hands at an average 1,145 won per dollar last year, the bank said in a report cited by South Korea's Yonhap news agency.
The US' widening current account deficit and a possible revaluation of the Chinese yuan will add to the won's ascent, despite dollar-strengthening factors such as a US rate hike, the bank added.
On Friday, the parliament allowed the government to raise this year's total treasury budget aimed to stabilize the won to 21.9 trillion (US$21.2 billion), up from an 18.8 trillion (US$18.2 billion) ceiling last year.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source