Home / currency / Fubon and other local rivals have been hit by the stronger Taiwan dollar .

Fubon and other local rivals have been hit by the stronger Taiwan dollar .

 

TAIPEI, March 24 Fubon Financial Holding Co , parent of Taiwan’s second-biggest life insurer, said on Friday it will raise its currency hedging positions due to massive foreign fund inflows to Asia, including Taiwan.
Taiwan’s central bank said after its quarterly rate meeting that large, frequent foreign fund flows into and out of Taiwan have affected local forex and financial markets.
Fubon and other local rivals, which invest heavily in overseas markets, have been hit by the stronger Taiwan dollar , which has strengthened about 6 percent so far this year against the U.S. dollar.
(Reporting by Faith Hung; Editing by Jacqueline Wong)

Fubon Financial
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The U.S. Treasury designated Taiwan and South Korea as currency manipulators in 1988, the year that Congress enacted the currency review law.
South Korea’s finance minister said on Friday the possibility of the United States branding South Korea a currency manipulator could not be ruled out, if the United States changes its criteria.
Westpac Bank’s senior currency strategist Sean Callow told CNBC Friday that the U.S. would consider the scale of South Korea’s intervention before labelling the country as a manipulator.
Finance Minister Yoo Il-ho told reporters that while South Korea won’t be branded as a currency manipulator under the current criteria used by the Treasury, there could be “problems” if the U.S. decides to change such determinants.
“Those problems cannot completely be ruled out, as there is a new administration,” Yoo said, adding that currency volatility could increase if the country was branded as one.

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South Korea says can’t rule out U.S. branding it a currency manipulator

REUTERS/Shannon Stapleton SEOUL South Korea’s finance minister said on Friday the possibility of the United States branding South Korea a currency manipulator could not be ruled out, if the United States changes its criteria.
South Korean Finance Minister Yoo Il-ho speaks during an interview in Manhattan, New York, U.S., January 11, 2017.
Finance Minister Yoo Il-ho told reporters that while South Korea won’t be branded as a currency manipulator under the current criteria used by the Treasury, there could be “problems” if the U.S. decides to change such determinants.
“Those problems cannot completely be ruled out, as there is a new administration,” Yoo said, adding that currency volatility could increase if the country was branded as one.
(Reporting by Christine Kim Writing by Cynthia Kim; Editing by Jacqueline Wong)

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