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☆ Taiwan c.bank flags forex intervention if 'extreme' fluctuations
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsTAIPEI, Oct 4 (Reuters) - Taiwan's central bank will intervene in the foreign exchange market if there are "extreme" fluctuations to maintain financial stability, its governor Yang Chin-long said on Wednesday. Taking lawmakers' questions in parliament, Yang said the central bank will intervene in the forex market as needed if there are "extreme" fluctuations, as they seek to slow the Taiwan dollar's depreciation. Yang said Treasury "didn't really mind" about Taiwan intervening to arrest the Taiwan dollar's depreciation. The central bank last month flagged continued tight monetary policy as it keeps a close eye on inflation, and trimmed its 2023 growth forecast for the export-reliant economy. Yang said the current global interest rate cycle was nearing an end, and that Taiwan would be "no exception".

Persons: Thomas White, Yang Chin, Yang, Faith Hung, Ben Blanchard, Tom Hogue, Kim Coghill Organizations: REUTERS, Rights, Taiwan, U.S . Treasury Department, Thomson Locations: Taiwan, Rights TAIPEI, U.S

☆ Taiwan exports fall for 4th month in December, decline seen extending into Q1
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +3 min

Exports dropped 12.1% by value last month from a year earlier to $35.75 billion, the lowest in 20 months, the Ministry of Finance said on Saturday. That followed a 13.1% drop in November, and was slightly better than Reuters poll forecast for a 13.3% contraction. Taiwan's total exports of electronics components in December fell 1.4% to $16.04 billion, with semiconductor exports up 0.8% from a year earlier. At $14.28 billion in December, Taiwan's exports to China, the island's largest trading partner, were down 16.4% from a year ago, after suffering a 20.9% drop in November. December's exports to the United States were down 2.6%, compared with an 11.3% contraction recorded the previous month.

☆ Taiwan c.bank to incorporate climate change risks into forecasting
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, Dec 30 (Reuters) - Taiwan's central bank said on Friday it would begin incorporating climate change risks into its modelling and forecasts for inflation and economic growth and adapt monetary policy to promote sustainable development. The central bank, in a statement on climate change, pointed to the risk of "green swan" events, referring to an unexpected environmental catastrophe connected with global warming and pollution that would trigger a financial crisis. Other central banks around the world have already incorporated global warming into their planning, and Taiwan would follow suit, the central bank added. The bank would also "establish an overall model related to climate change at the industry level" to gain an in-depth understanding of the impact of climate change risks on the economy and finance. It added that it would use monetary policy tools to help promote sustainable financial development.

The decision came after the U.S. Federal Reserve raised interest rates by an expected 50 basis points on Wednesday and said it would deliver more interest rate hikes next year even as the economy slips towards a possible recession. Taiwan's central bank, at its quarterly monetary policy meeting, raised the benchmark discount rate (TWINTR=ECI) by 12.5 basis points to 1.75%, in line with economists' expectations in a Reuters poll. Governor Yang Chin-long said that, while the bank was still tightening monetary policy, the direction this time was "mild" given the lack of another reserve requirement rise. "For next year's monetary policy, we will focus on stabilising prices," he told reporters. The central bank again cut its 2022 estimate for gross domestic product growth, to 2.91% from its previous forecast of 3.51% in September.

☆ Taiwan c.bank will adopt 'appropriate' monetary policy next year
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, Dec 10 (Reuters) - Taiwan's central bank said on Saturday it will adopt an "appropriate" monetary policy and properly use various tools to promote price stability and help the economy next year. Taiwan's trade-dependent economy is flagging in the face of mounting global economic woes, with its exports last month dropping 13.1% on-year, though inflation, a key central bank concern, has been slowing. It will "adopt an appropriate monetary policy and properly use various monetary policy tools" to "promote price stability and assist in economic success", it said, without elaborating. The central bank will hold its quarterly rate-setting meeting on Thursday. At its meeting next week the central bank will also provide an updated forecast for economic growth this year and next.

☆ Taiwan to continue U.S. communications on exchange rate policy
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Nov 11 (Reuters) - Taiwan has "smooth" communication channels with the United States and the two will keep talking on issues such as exchange rate policy, a Taiwanese central bank official said on Friday after the U.S. Treasury kept the island on its monitoring list. A Taiwan central bank official told Reuters that communication channels between them and the U.S. Treasury were "smooth". "In the future, the two sides will continue to communicate on issues such as economic outlook and exchange rate policy on the basis of good interactions," said the official, who was speaking on condition of anonymity. Taiwan's central bank in the first half of this year sold a net $8.25 billion to intervene in the foreign exchange market to try and arrest the Taiwan dollar's devaluation. Taiwan was last formally labelled a currency manipulator by the United States in December 1992.

☆ Taiwan central bank says it will not adopt foreign exchange control measures
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Sept 28 (Reuters) - Taiwan's central bank said on Wednesday it will not adopt foreign exchange control measures and that foreign exchange management measures are enough to maintain financial market stability. Taiwan has never implemented foreign exchange controls and foreign exchange management measures are sufficient to maintain financial market stability, it added. If another U.S. rate hike causes a large outflow of foreign capital, the bank said it has sufficient capacity to respond to fluctuations in the foreign exchange market. "The bank will not adopt foreign exchange control measures," it added. In its statement, the bank noted Taiwan's large foreign exchange reserves, sound balance of payments, trade surplus and very low foreign debt levels.

☆ Apple helps Taiwan export orders resume growth in August, outlook mixed
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +3 min

Orders for telecommunications products rose 3.1% in August from a year ago due mostly to cellphone orders, the ministry said. A trend of working and studying from home that started during the COVID-19 pandemic has fuelled a growth in orders for Taiwanese electronics for more than two years. The ministry said it expected this month's export orders to be between 7% and 9.4% lower than those of September 2021. Taiwan's August orders from China fell 25.5% from a year earlier, compared with an annual fall of 22.6% in July. Export orders from Europe rose 14.6%, versus an annual contraction of 5.1% in July, while those from Japan rose 2.2%.

☆ Taiwan says detected 66 Chinese aircraft in strait on Sunday
▼ + stars: | 2022-08-07 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Aug 7 (Reuters) - Taiwan's defence ministry said it had detected 66 Chinese air force planes and 14 Chinese warships conducting activities in and around the Taiwan Strait on Sunday. Reporting by Liang-sa Loh; Writing by Ben Blanchard Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

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