Perng urges US to remove NT dollar from watch list

CHANGES:Given that Taiwan’s trade surplus with the US has shrunk and the NT dollar has rapidly appreciated, Taiwan should not remain on the list, Perng Fai-nan said

Taipei Times
Date: Mar 03, 2017
By: Crystal Hsu / Staff reporter

The US should remove Taiwan from its currency watch list next month, as the value of

Central bank Governor Perng Fai-nan gestures during a question-and-answer session at a meeting of the Finance Committee at the Legislative Yuan in Taipei yesterday. Photo: Chien Jung-fong, Taipei Times

New Taiwan dollar rose rapidly this year and much of the increase in the nation’s foreign-exchange reserves came from interest yields, instead of trading gains, central bank Governor Perng Fai-nan (彭淮南) said yesterday.

“I am confident that Taiwan will not, and should not, remain on the currency monitoring list, if the US applies the same criteria from October last year,” Perng told the legislature’s Finance Committee.

Lawmakers voiced concerns about tension with the US as the world’s largest economy has accused the central bank of intervening in the market to stem the NT dollar’s rise in a bid to help Taiwanese exporters.
Taiwan is home to the world’s largest contract chipmakers, chip designers and makers of electronic components used in smartphones, personal computers, connected vehicles and Internet of Things applications.

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