The government is not engaged in currency manipulation, Premier Cho Jung-tai (卓榮泰) said today, adding that the nation’s currency has always been stable as he promised to investigate any illegal activities.
The New Taiwan dollar has increased in value relative to the US dollar by NT$1.872 in two days, leading to major movements in foreign exchange markets and central bank Governor Yang Chin-long (楊金龍) bringing up the possibility of currency traders influencing the exchange rate.
Photo: Taipei Times
The rapid appreciation of NT dollar happens as Taiwan and the US continue their trade negotiations.
Prior to a legislative hearing today, Cho answered questions from the media.
Taiwan is not a country that manipulates exchange rates, Cho said, adding that currency speculators would not be allowed to undermine or influence it.
The government has asked the central bank and other financial institutions to conduct strict investigations, he said.
The government hopes that the exchange rate would quickly stabilize, he said.
The central bank would hold discussions with affected industries and financial institutions, he said, expressing optimism that the public would maintain its confidence in Taiwan’s past economic growth and continued development.
Cho also answered questions about tariffs and how the first round of negotiations between Taiwan and the US has proceeded.
The US set a deadline in early this month for other countries and negotiating partners to submit their comments, but this does not mark a new stage of negotiations, he said.
Last week’s in-person negotiations went well, he said, adding that discussions did not touch on exchange rates or other currency matters.
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