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Far East supports currency intervention in Taiwan

Taiwanese textile company Far Eastern New Century Corp recently expressed support for the central bank’s intervention in the foreign exchange market aimed at curbing the rise in the Taiwan dollar. In a statement, the company said banking efforts to stabilize the Taiwan dollar were one of the key factors driving an export-oriented domestic economy.

The company fully supports the central bank’s steps to increase Taiwan’s global competitiveness and describes the international pressure banks faced when taking action to intervene in the foreign exchange market. He said he understood well.

The statement was released after domestic media reports quoted Far East Chairman Douglas Sue, stating that central bank market intervention would affect other countries’ perceptions of Taiwan. According to the company, the press interpreted Sue’s comments as urging the central bank not to intervene in the local foreign exchange market.

According to the company, the Taiwan dollar’s appreciation against the US dollar was mainly due to a large inflow of foreign funds in September, and the fluctuations in the local currency were very severe for the local economy, so there are reports in the Far East. The agency reportedly supported the central bank in the fight against the sudden influx of foreign funds to protect the Taiwanese economy.

In September, the US dollar fell about 1.38% against the Taiwan dollar.

Fiber2Fashion News Desk (DS)

Taiwanese textile company Far Eastern New Century Corp recently expressed support for the central bank’s intervention in the foreign exchange market aimed at curbing the rise in the Taiwan dollar. In a statement, the company said banking efforts to stabilize the Taiwan dollar were one of the key factors driving an export-oriented domestic economy.



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