Taiwan central bank Governor: US did not ask Taiwan Dollar to appreciate

Speaking at a new conference, Taiwanese central bank Governor Yang Chin-long clarified that the “US did not ask Taiwan Dollar (TWD) to appreciate.”

Additional quotes

Urge market commentators not to speculate on the TWD issue.

Urge companies not to listen to untrue analysis, have unreasonable expectations and sell their US Dollar positions.

Taiwan does not manipulate the exchange rate.

Taiwan's trade surplus with the US has widened in recent years, mainly due to an increase in US demand for Taiwan's information and communications technology rather than exchange rate factors.

Volatility of the Taiwan Dollar against the US Dollar has widened, as foreign fund inflows to Taiwan stocks and companies' expectations of the TWD appreciating.

Like to stress that central bank did not attend US-Taiwan tariff talks, meaning no discussion of foreign exchange rate.

We as the central bank would not manipulate the forex exchange rate.

We will try out best to maintain market stability.

We hope market will calm down.

I personally think the Taiwan Dollar is overly fluctuating, it's not good.

Expectations of strong appreciation are big, we have intervened appropriately.

Forex has been abnormal in the past few days.

We hope it will end here (speaking about recent abnormal exchange rate activity).

We are watching fund flows very closely.

We have found some are attempting to speculate on forex.

Small- and mid-size exporters joined big-size exporters in selling their US Dollar positions today.