Taiwan Dollar News
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Taiwan dollar forwards completed their biggest weekly gain in a month as a plan to cut taxes on stock investments attracted global funds to the island’s assets. Bonds fell.
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Asian currencies had a third weekly loss on concern the Federal Reserve will scale back stimulus that has spurred fund flows to emerging markets.
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Updated 2 hours, 52 minutes ago
Taiwan lowered the economic growth forecast for this year even as it reported a faster expansion in the first quarter than initially estimated.
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Taiwan, seeking to rein in the local dollar and boost export competitiveness, tightened limits on domestic banks’ bullish bets on the currency following the yen’s tumble to the lowest level since 2008.
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Taiwan dollar forwards rose for a third day on speculation Federal Reserve Chairman Ben S. Bernanke will signal the need to sustain stimulus policies that have spurred fund flows into emerging markets.
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Taiwan’s dollar rose for the first time in four days as global funds added to their holdings of the island’s equities amid a government review on capital gains taxes. Bonds declined.
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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 dollar forwards fell the most since January after a report showed exports weakened, fueling concern the central bank will curb currency appreciation to protect local manufacturers.
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Taiwan’s dollar advanced to the strongest level in three months as global funds increased purchases of local shares and on speculation the government will exempt some stock investors from a capital gains tax.
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