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Yang Jinlong, president of the Central Bank. Image: Zhang Liangyi / Photography (Data Photo)
The exchange rate of the new Taiwan dollar has skyrocketed and the central bank has repeatedly tried to stop the rise, however after the US Treasury Department added Taiwan to the manipulators’ watch list yesterday. of the exchange rate, will it stop there? Central Bank President Yang Jinlong said today (17) that the responsibility for exchange rate stability is more important than the US report, and that the decisions made are in the best interest of Taiwan.
The new Taiwan dollar continued to rise today, peaking at 28,116 yuan, a record high of nearly 23 1/2 years. The central bank made another adjustment on late trading. The NT dollar closed 0.5 cents lower against the US dollar and closed at 28,481 yuan, the fourth year in a row. He turned black on a trading day.
In a press conference after the Central Bank Board of Supervisors today, Yang Jinlong asked the media how to negotiate between exporters who hope to block the rise and make adjustments that can be classified as currency manipulators. He said that the exchange rate of the new Taiwan dollar is basically determined by supply and demand of the foreign exchange market, but when financial stability is in jeopardy, the central bank must enter the market and adjust it. As for the consequences, “Let’s talk about that later!”
Yang Jinlong explained that after the trade conflict between the United States and China, the export structure has gradually changed. Exports from Taiwan to the United States have increased, causing Taiwan to hit the threshold and become a watch list for currency manipulators. As for whether you will become a currency manipulator next time, wait for the United States to launch a new currency in April next year. The report just knew.
Yang Jinlong stressed that like US President Trump’s campaign slogan “America first”, each country must plan for itself. The decisions of the central bank are for the good of Taiwan. Taiwan is a small economy and has no quantitative easing. (QE). Fiscal policy is not very lax. It does not affect others, but it is affected by others. He will communicate with the United States, “Your ease is our challenge.”
Faced with the pain of exporters, Yang Jinlong pointed out that the central bank remains responsible for maintaining order in the foreign exchange market. However, when it comes to exporters, the performance of the electronics industry and the transfer of production is much worse, but there is only one exchange rate and the central bank cannot satisfy everyone. .
Currency traders believe that as the end of the year approaches, the wave of currency exchanges from exporters will not stop and the new Taiwan dollar will continue to rise in the near term. The central bank will continue to tighten the foreign exchange market. Although it is impossible to deviate from the general environment in the direction, you will expect to slow down. Bullish trend.
The exchange rate of the new Taiwan dollar has skyrocketed and the central bank has repeatedly tried to halt the rise, however after the US Treasury Department added Taiwan to the manipulators’ watch list yesterday. of the exchange rate, will it stop there? Central Bank President Yang Jinlong said today (17) that the responsibility for exchange rate stability is more important than the US report, and that the decisions made are in the best interest of Taiwan.
Yang Jinlong explained that after the trade conflict between the United States and China, the export structure has gradually changed. Taiwan’s exports to the United States have increased, causing Taiwan to hit the threshold and become a watch list for currency manipulators. As for whether you will become a currency manipulator next time, wait for the United States to launch a new currency in April next year. The report just knew.
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