Taiwan’s Perng Says Sustained Currency Intervention Not Needed
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Taiwan central bank Governor Perng Fai-nan said the local dollar is “very stable” versus the currencies of export rivals and sustained intervention to limit gains has not been needed in the 15 years since he took office.
A drop in the Japanese yen, which is sliding for a sixth month against the U.S. dollar, has limited impact on Taiwan as the two economies’ exporters don’t compete directly in overseas markets, Perng said today in response to questions from lawmakers. The monetary authority will step in to the currency market to maintain order when volatility is excessive, he said.