By: Chiu Po-sheng and Romulo Huang
Commenting on a report released by the United States Department of Treasury on the foreign exchange policies of its major trading partners a day earlier placing Taiwan, China, Japan, South Korea, Germany and Switzerland on a monitoring list, the central bank issued a statement that said Taiwan has a trade-oriented open economy in which imports and exports account for a high percentage of GDP.
As such, Taiwan is unable to embrace completely free exchange rate fluctuation, the nation’s monetary policy maker noted.
The central bank said that it will continue to communicate with the U.S. Department of Treasury on the operation of the foreign exchange market in Taiwan. [FULL STORY]