Stabilization fund authorizes intervention in financial markets

Focus Taiwan
Date: 03/19/2020
By Ku Chuan and Matthew Mazzetta)

Taipei, March 19 (CNA) The management committee of Taiwan's National Financial Stabilization Fund determined Thursday that the legally-defined conditions for its intervention in Taiwan's financial markets have been met, allowing a possible injection of funds as soon as Friday.

The Executive Yuan announced the authorization at an evening press conference attended by Cabinet spokesperson Kolas Yotaka, Finance Minister Su Jain-rong (蘇建榮) and Juan Ching-hwa (阮清華), the fund's executive secretary.

The move follows several days of turmoil on international stock markets, which have suffered amid the growing economic fallout from the COVID-19 pandemic.

In the United States Wednesday, the Dow Jones Industrial Average fell by 1,338 points, or 6.30 percent, dropping below 20,000 for the first time in three years. The Nasdaq Composite fell 4.7 percent, while trade on the S&P 500 index was briefly halted due to steep declines, before closing down 5.18 percent.    [FULL  STORY]

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