The New Taiwan dollar fell below NT$30 against the US dollar yesterday after the central bank scaled back its market intervention, allowing the local currency to dip and hit a two-year low, dealers said.
The NT dollar dropped NT$0.029 to close at NT$30.020 on turnover of US$868 million.
The greenback opened at the day’s low of NT$30.020 and moved to a high of NT$30.050 before the close.
Foreign institutional investors moved a large amount of funds out of Taiwan throughout yesterday, but Taiwanese exporters partially offset the impact of the fund outflows on the local currency by buying NT dollars with US dollars to get a favorable rate, dealers said.
Also adding downward pressure on the NT dollar was the selling by foreign institution investors of a net NT$7.31 billion in shares on the main stock market, dealers said.
Although the NT dollar faced selling pressure, it was surprising that the central bank chose not to intervene in the market, allowing the local currency to fall below NT$30, they said, adding that with no apparent central bank presence, yesterday’s turnover remained moderate.
As the US Federal Reserve is expected to continue a rate hike cycle to take on inflation, the US dollar is forecast to keep rising, prompting more foreign institutional investors to move funds out of Taiwan, dealers said.
South Korea would avoid capitalizing on China’s ban on a US chipmaker, seeing the move by Beijing as an attempt to drive a wedge between Seoul and Washington, a person familiar with the situation said. The South Korean government would not encourage its memorychip firms to grab market share in China lost by Micron Technology Inc, which has been barred for use in critical industries by Beijing on national security grounds, the person said. China is the biggest market for South Korea semiconductor firms Samsung Electronics Co and SK Hynix Inc and home to some of their factories. Their operations in China
GEOPOLITICAL RISKS: The company has a deep collaboration with TSMC, but it is also open to working with Samsung Electronics Co and Intel Corp, Nvidia’s CEO said Nvidia Corp, the world’s biggest artificial intelligence (AI) GPU supplier, yesterday said that it is diversifying its supply chain partners in order to enhance supply chain resilience amid geopolitical tensions. “All of our supply chain is designed for maximum diversity and redundancy so that we can have resilience. Our company is very big and so we have a lot of customers depending on us. And so our supply chain resilience is very important to us. We manufacture in as many places as we can,” Nvidia founder and chief executive officer Jensen Huang (黃仁勳) said in response to a reporter’s question in
DIVERSIFICATION: The chip designer expects new non-smartphone products to be available next year or in 2025 as it seeks new growth engines to broaden its portfolio MediaTek Inc (聯發科) yesterday said it expects non-mobile phone chips, such as automotive chips, to drive its growth beyond 2025, as it pursues diversification to create a more balanced portfolio. The Hsinchu-based chip designer said it has counted on smartphone chips, power management chips and chips for other applications to fuel its growth in the past few years, but it is developing new products to continue growing. “Our future growth drivers, of course, will be outside of smartphones,” MediaTek chairman Rick Tsai (蔡明介) told shareholders at the company’s annual general meeting in Hsinchu City. “As new products would be available next year
BIG MARKET: As growth in the number of devices and data traffic accelerates, it will not be possible to send everything to the cloud, a Qualcomm executive said Qualcomm Inc is betting the future of artificial intelligence (AI) will require more computing power than what the cloud alone can provide. The world’s largest maker of smartphone processors is transitioning from a communications company into an “intelligent edge computing” firm, Qualcomm senior vice president Alex Katouzian said. The edge in question is the mobile device that a user taps to access a network or service, and Katouzian used his time headlining one of the major keynote events at the Computex show in Taipei to make the case for how big a market that would be. The US company’s chips help smartphones harness
RSS