The New Taiwan dollar dropped more than 5 percent against the US dollar in the first half of this year, even as Taiwan sold a net US$9.06 billion to stabilize the exchange rate, the central bank said yesterday.
In a report submitted to the legislature, the central bank said that the factors acting on Taiwan’s foreign exchange market in the first half mainly originated in the US, including the continued resilience of the US economy, delayed and smaller-than-expected interest rate reductions by the US Federal Reserve, and increases in US bond yields and the US dollar index.
During the first six months of this year, Taiwan’s foreign exchange market experienced excess demand for US dollars, driving the NT dollar down 5.29 percent and prompting the central bank to intervene by selling a net US$9.06 billion to bolster the local currency, the report said.
Photo: CNA
By comparison, the central bank sold a net US$2.77 billion in the foreign exchange market over the whole of last year, during which the NT dollar fell by 0.09 percent.
Despite its depreciation, the NT dollar’s performance from Jan. 1 to Monday — a 4.45 percent drop against the US dollar — was better than that of the won and yen, which fell by 5.2 percent and 5.82 percent respectively, the central bank said.
The NT dollar rose against the US dollar yesterday, advancing NT$0.005 to close at NT$32.175 in Taipei trading.
Central bank Governor Yang Chin-long (楊金龍) is scheduled to brief the Legislative Yuan’s Finance Committee on the report today.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS