The New Taiwan dollar is expected to gain in value against the US dollar this week as a result of a large influx of foreign capital and a rising domestic stock market, according to the central bank .
Under strong pressure brought about by the continued inflow of foreign capital and by a selling spree by export businesses, the local currency appreciated by NT$0.165 against the greenback last week, bank officials said.
The NT dollar finished at NT$33.13 against the greenback on Friday, a noticeable rise over the week-earlier level of NT$33.295.
The officials forecast that the currency will further gain in value against the US dollar this week given widespread speculation that the greenback will remain weaker and that the Chinese yuan will pick up.
The average trading volume on the Taipei foreign exchange market exceeded US$1 billion for every day during last week, with the volume on two of those days being US$1.782 billion and US$1.731 billion, respectively, both among the top 10 historical highs.
The officials said a rebounding domestic market will fuel the pressure for the NT dollar to appreciate to the level of NT$33 against the US dollar in the coming days.
However, they pointed out that the central bank is very likely to intervene in an effort to maintain the value of the NT dollar in a range between NT$33.10 and NT$33.25 against the US dollar for the week.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
TECH RACE: The Chinese firm showed off its new Mate XT hours after the latest iPhone launch, but its price tag and limited supply could be drawbacks China’s Huawei Technologies Co (華為) yesterday unveiled the world’s first tri-foldable phone, as it seeks to expand its lead in the world’s biggest smartphone market and steal the spotlight from Apple Inc hours after it debuted a new iPhone. The Chinese tech giant showed off its new Mate XT, which users can fold three ways like an accordion screen door, during a launch ceremony in Shenzhen. The Mate XT comes in red and black and has a 10.2-inch display screen. At 3.6mm thick, it is the world’s slimmest foldable smartphone, Huawei said. The company’s Web site showed that it has garnered more than
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
RSS