Taiwan targets hot money to cool currency

07 Jan 2010

Taiwan moved to curb speculation on its currency on Tuesday, ordering foreign investors to invest cash held in deposit accounts or remove it within a week.

The unusual request from the central bank came after the Taiwan dollar gained 2.2% against the US dollar between December 18 and January 4, and the measure helped push the benchmark Taiex index to a 19 month high on Tuesday.

Central bank numbers showed deposits of NT$49bn ($1.54bn) ...

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