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Gold''s heroes will speak at CMRE spring meeting in New York
From Bloomberg News Service
Taipei Times, Taiwan
Saturday, March 5, 2005
http://www.taipeitimes.com/News/biz/archives/2005/03/05/2003225595
The New Taiwan dollar weakened, snapping an 11-day rally,
after a Chinese-language business daily reported the central
bank may sell the currency to stem its gains.
The NT dollar fell NT$0.087 to close at NT$30.95 against its
US counterpart in Taipei, reducing its gain for the week to
0.7 percent.
"The central bank has given a warning to the market," said
William Chou, a foreign-exchange analyst at Hua Nan
Commercial Bank. "With this atmosphere, nobody wants to
push the Taiwan dollar higher. It's close to the red line
for the central bank."
Banks may have their foreign-exchange licenses
suspended or revoked if they help overseas currency
traders speculate in the NT dollar, the paper said, without
citing anyone. The local currency, which had the highest
close on Thursday since July 12, 2000, has increased
2.6 percent against its US counterpart this year, to
become the third best performer after the Sri Lankan
rupee and South Korean won.
President Chen Shui-bian said on Feb. 24 that he won't
pursue independence in his last three years in office
and will seek direct transport links with China.
"The political situation has improved and the outlook for
some stocks is better, so a large inflow of capital may
still come into Taiwan," said Tommy Ong, vice president
of the treasury and markets at DBS Bank (Hong Kong)
Ltd, a unit of Southeast Asia's biggest lender.
"That is supporting the Taiwan dollar," Ong said.
Global investors acquired a net US$691 million worth of
Taiwanese equities this week, after buying US$3.7 billion
of shares last month, according to Taiwan Stock
Exchange figures.
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