By: Tsai Yi-chu and Frances Huang
Taipei, April 15 (CNA) Enterprises listed in the local equity market incurred massive foreign exchange losses in 2016, when the Taiwan dollar appreciated about 2.44 percent against the U.S. dollar, according to the Financial Supervisory Commission (FSC).
Citing data, the FSC, the top financial regulator in Taiwan, said that the local business sector posted more than NT$130 billion (US$4.28 million) in foreign exchange losses after the Taiwan dollar stopped a three-year losing streak against the greenback last year.
The data showed that the financial sector suffered about NT$122 billion in foreign exchange losses, making up some 90 percent of the total suffered by local listed companies, as life insurers in Taiwan owned a large chunk of foreign currency denominated assets overseas. [FULL STORY]