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Taiwanese lenders led by Bank of Taiwan are taking their highest share of syndicated loans in Asia since 2010 as they expand outside the island’s saturated market to escape the worst margins in Asia-Pacific.
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Asian currencies declined for a second week on speculation regional central banks will allow their exchange-rates to depreciate to keep exports competitive with Japan, as the yen fell to a four-year low.
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Taiwan’s dollar headed for a second weekly loss on speculation Asian policy makers will allow their currencies to weaken to safeguard exports after the yen fell to the lowest since 2008.
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Taiwan’s dollar advanced to the strongest level in three months after global funds accelerated purchases of local equities and as the island’s benchmark share index touched a 21-month high.
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Taiwan’s dollar rose for a fourth day, the longest winning streak since October, after overseas investors boosted their holdings of the island’s shares last week by the most in more than two months.
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China Mobile Ltd.’s plan to buy part of Far EasTone Telecommunications Co., the first investment by a Chinese state-owned company in Taiwan in six decades, collapsed after the island wouldn’t ease ownership curbs.
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Taiwan dollar forwards dropped toward an eight-month low on speculation the central bank will curb gains to keep pace with declines in the yen and South Korean won, the island’s biggest local competitors for exports.
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Bank of Taiwan’s role in implementing government policy bolsters its case to be the island’s first lender allowed to clear transactions in yuan, Chairman Liu Teng- cheng said in an interview.
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Taiwan dollar forwards fell toward a seven-month low on speculation the Bank of Japan will take steps that could further weaken the yen, damaging the island’s export competitiveness. Government bonds dropped.
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Bank of Taiwan plans to open a branch in Shanghai to offer banking services to Chinese clients.
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