Asian currency depreciation battle intensifies in new year

Focus Taiwan
Date: 2016/01/04
By: Chiu Sheng-po and Elizabeth Hsu

Taipei, Jan. 4 (CNA) The trend toward currency depreciation among competing


Asia-Pacific economies grew more intense on Monday, with the Taiwan dollar’s half-percent fall against the U.S. dollar among the more modest declines compared with regional rivals.

The Taiwan dollar fell 0.51 percent against the greenback to close at NT$33.236 against the U.S. dollar in Taipei on Monday, the lowest in three months.

But that paled against the South Korean won’s 1.28 percent fall and the Australian dollar’s 1.27 percent fall against the U.S. dollar, dealers said.

The Taiwan dollar depreciated 4.08 percent against the greenback in 2015, the dealers said, and they expected the depreciation to continue this year due to global economic uncertainty and last month’s interest rate hike in the U.S., which has drawn funds back to the U.S. to hedge risks.     [FULL  STORY]

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