The New Taiwan dollar fell to a 19-month low yesterday as the government withdrew support of the currency to promote export growth.
The NT dollar ended at NT$32.870 to the US dollar yesterday, weaker from Tuesday's close of NT$32.493 -- its lowest level since April 1999.
The Central Bank of China (
The move was aimed at "maintaining the dynamic stability" of the currency through a calculated fall of the local unit, said George Chou (
"The strategy has proven effective in eradicating abnormal market speculation," Chou said.
Exporters were seen starting to sell US dollars toward the close of the session, he said. A weaker currency makes export goods cheaper to overseas buyers.
The government has tried to boost the stock market this year by using state-controlled funds to buy shares.
Investors estimate the government's NT$500 billion (US$16 billion) National Stabilization Fund has spent more than US$14 billion this year.
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