Taiwan dollar rise halts at NT$30 after Central Bank calls for end to market disorder
央行呼籲匯市失序到此為止，台幣升值勢頭止於30元新台幣
| Central Bank Governor Yang Chin-long says 'abnormal situation ends here'
TAIPEI (Taiwan News) — The New Taiwan dollar stabilized at NT$30 per US dollar on Tuesday after the Central Bank called for an end to market turbulence. The exchange rate with the Greenback surged by more than one NT dollar during intraday trading for two consecutive days on Friday and Monday. Central Bank Governor Yang Chin-long (楊金龍) on Monday expressed hope the foreign exchange market disorder would end, per CNA. The Central Bank held an impromptu press conference on Monday afternoon, led by Yang, to explain the currency fluctuations. Yang said the market's speculative sentiment has caused fluctuations in the foreign exchange market, with the New Taiwan dollar becoming excessively volatile. Yang expressed his hope that “the abnormal situation ends here.” He denied media reports suggesting the Mar-a-Lago Accord, an agreement by countries to strengthen their currencies against the US dollar, led to the appreciation. He added that the Central Bank did not participate in the US-Taiwan economic and trade working group. President Lai Ching-te (賴清德) also released a video statement outlining five points. Lai emphasized that the recent appreciation of the New Taiwan dollar was mainly driven by market expectations in the foreign exchange market, and that Taiwan’s economic fundamentals remain strong. Following the government reassurances, the New Taiwan dollar showed signs of stabilizing on Tuesday. It opened at NT$30.125 to the US dollar, appreciating by 0.02 New Taiwan dollars. The rally extended to over 0.15 New Taiwan dollars at one point, briefly touching the NT$29 level, but quickly retreated. Gains hovered around the 0.10 New Taiwan dollar-mark as the exchange rate fluctuated around the NT$30 mark, where it currently stands. |
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| Keoni Everington, Taiwan News, Staff Writer | |
| 2025-05-06 |
