Central bank denies currency intervention

NOT ADDING UP:The central bank said that the figures stated in a US Treasury report regarding Taiwanese exports did not match those released by the Ministry of Finance

Taipei Times
Date: May 02, 2016
By: Ted Chen / Staff reporter

The central bank yesterday said that Taiwan did not carry out one-sided currency intervention as the US has claimed.

The nation’s monetary policymaker released a statement after the US Department of the Treasury submitted a report on foreign exchange policies of major trading partners to the US Congress on Friday, which put Taiwan, China, South Korea, Japan and Germany on a watch list for an “enhanced analysis” of the nations’ practices.

The US Treasury has listed three criteria to monitor unfair trade advantages against the US, of which Taiwan met two, according to the report.

The report said that Taiwan “engaged in persistent net foreign currency purchases through most of last year.”

“In light of Taiwan’s large current account surplus, such interventions are concerning,” the report said.     [FULL  STORY]

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