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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

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 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.

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