The government will not intervene in the securities and foreign exchange markets with the national stabilization fund unless non-economic reasons cause disorder in the capital and financial markets and sabotage national security, Cabinet officials said yesterday.
"So far we haven't seen any signs of disorder in the markets, but we'll keep a close eye on trading tomorrow," Minister of Finance Lin Chuan (林全) told a press conference yesterday.
The conference was held after an emergency closed-door meeting presided over by Vice Premier Lin Hsin-i (林信義) to discuss measures the Cabinet plans to take to counter the possible impact the election controversy might have on the financial markets.
If the government eventually decides to intervene, Lin said, it has about NT$100 billion of national stabilization fund capital at its disposal.
Lin, however, said the government would respect the free market mechanism while at the same time maintaining market stability.
Lin also dismissed speculation that foreign investors would start to pull out of the markets in the wake of the election controversy.
"So far, foreign investors have shown strong interest in local markets and continue to bring capital as the local economy has shown conspicuous signs of recovery," he said. "I'd also like to point out here that our efforts to further open up the futures and spot markets did not stop because of the election and will not stop now."
On the forex front, central bank chairman Perng Fai-nan (彭淮南) said that the bank will fully respect the free-market mechanism and will not intervene in the exchange market unless irrational or special incidents occur to cause abnormally large fluctuations in the exchange rate.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
RSS