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Higher gold prices spur ''panic buying'' in India
By George Hsu
Bloomberg News Service
Sunday, December 5, 2004
http://www.bloomberg.com/apps/news?
pid=10000080&sid=apRMGkwuTgW8&refer=asia
TAIPEI, Taiwan -- Taiwan, which has the world's
third-largest foreign-exchange reserves, denied a
report that the island plans to reduce
dollar-denominated holdings because of the record
decline in the U.S. currency.
The Liberty Times reported yesterday that Taiwan
may pare U.S. assets. The dollar dropped to a
lowest-ever $1.3460 against the euro on Dec. 3,
according to EBS, an electronic currency-trading
system. Taiwan held $57.4 billion in U.S.
Treasuries as of Sept. 30.
The central bank "categorically denies" the report,
according to a statement issued by the bank on
its Web site. No one at the bank "has publicly or
privately made such a statement."
The denial comes amid speculation some Asian
nations may pare dollar assets to protect the value
of their foreign reserves. Indonesia said it may
reduce holdings of dollars and U.S. Treasuries in
its $35.4 billion of foreign reserves.
"There's the possibility we may trim our dollar
position," Aslim Tadjuddin, deputy central bank
governor, said in an interview in Jakarta on Nov.
26. "We will monitor and see what happens to the
dollar."
A report on the same day that China, the
second-biggest holder of U.S. Treasuries after
Japan, trimmed its holdings sent U.S. Treasury
notes lower. China central bank monetary
committee member Yu Yongding later denied
he had told China Business News that the
holdings had been pared.
Taiwan's dollar fell 0.3 percent last week against
its U.S. counterpart, after gaining 5.6 percent in
the previous nine weeks. Taiwan's reserves rose
in November for a 41st straight month to a record
$239 billion, the central bank said on Dec. 3.
The Liberty Times report said Taiwan's central
bank bought U.S. dollars on Dec. 3 to try to curb
gains in the local currency, which raise the price
of Taiwan's exports.
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