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CBC Won't Revert To FX Controls

TWD

USD/TWD is up from earlier lows just under 31.80, last at 31.85. The 1 month NDF has rebounded from NY closing levels to be back above 31.80. There appears to be some resistance ahead of the 31.90 level, which we touched at the start of the week.

  • Comments from the CBC Governor Yang seemed to move away from remarks earlier in the week that FX controls could be introduced under a severe capital outflow scenario.
  • The Governor noted that the CBC won't revert to FX controls during his term, and that outflows this year have been largely due to Fed hikes, rather than cross-strait tensions.
  • FX management measures can be used to ensure stability, although the Governor stated he doesn't want to see competitive devaluations.
  • Local equities are back to flat, unwinding their earlier bounce, after headlines that the Labor Pension Fund would buy up to $70bn TWD in local stocks before end aided sentiment at the open.
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