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Chatter Of Intervention To Defend 28.00


After a familiar rise away from 28.00 into the close yesterday, USD/TWD dropped at the open today, last at 28.054, there was chatter that with the central bank hamstrung after warnings from the US Tsy the CBC enlisted state-owned lenders to purchase the greenback in order to defend the 28.00 handle. Even under heavy pressure in February and March, before the USD staged a recovery, the pair resolutely refused to close under the 28.00 handle. During the period Taiwan's foreign exchange reserves hit a new high on USD purchases.

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