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CBRC Asks For Public Help In FX Market

TWD

USD/TWD is above yesterday's trading ramge, last at 27.988 and flirting with the 28 handle.

  • Late yesterday Taiwan's central bank posted to its Facebook page and urged the public to assist in maintaining the stability of the forex market. Taiwan were recently put on the currency manipulator watchlist by the US Tsy.
  • The bank said if the public keeps selling USD dollars, leading to a weaker USD/TWD rate, which will be negative for exporters. The bank also said it would smooth the forex market.
  • CPI data was also released yesterday. The December figures printed below estimates across the board, the core Y/Y figure, the central bank's favoured measure, rose 0.69% against estimates of 0.8% and a 0.78% rise in November.
  • Looking ahead Taiwan will release December trade data at 0800GMT/1600CST. Exports are expected to have risen 10%, which would be the third consecutive month of double digit growth. Imports are expected to have risen 4.3% against 10% in November.
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