The yuan posted a second weekly advance on speculation China’s leadership will support the yuan’s case for being named a global reserve currency and announce more stimulus to revive a slowing economy.
A preliminary manufacturing index (PMI) fell to the lowest in a year, according to data from HSBC Holdings PLC and Markit Economics on Thursday.
China is making the yuan more “freely usable” to be included in the IMF’s Special Drawing Rights (SDR) basket of reserve currencies, People’s Bank of China Governor Zhou Xiaochuan (周小川) said in Washington on Saturday last week.
The IMF’s board is scheduled to conduct a twice-a-decade review in October.
The yuan advanced 0.05 percent for the week and on Friday day to close at 6.1950 to the US dollar in Shanghai, China Foreign Exchange Trade System prices show. In Hong Kong, the currency was unchanged from Friday last week and rose 0.02 percent on Friday to 6.1946 as of 5:11pm, according to data compiled by Bloomberg.
The New Taiwan dollar rose to a five-month high as stock inflows reached the highest in seven years amid speculation about the creation of an equity link with China.
Global funds bought NT$46 billion (US$1.5 billion) more shares than they sold on Friday, preliminary exchange data show, as the TAIEX surged to a 15-year high.
China’s securities regulator is studying a trading link between the Shanghai and Taipei bourses, the Economic Daily News reported on Wednesday.
The NT dollar strengthened 0.3 percent on Friday and 0.4 percent this week to NT$31.051 against the greenback, Taipei Forex Inc prices show.
The won climbed 0.4 percent from Friday last week and 0.2 percent on Friday to 1,079.53 won a dollar as of the 3pm close in Seoul, data compiled by Bloomberg show.
The ringgit fell 0.3 percent to 3.6235 a dollar in Kuala Lumpur, according to data compiled by Bloomberg.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
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