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Taiwan Dollar Gains, Ends Above NT$30 for First Time Since 1997

Jan. 7 (Bloomberg) -- Taiwan’s dollar jumped, closing above NT$30 against its U.S. counterpart for the first time since October 1997, signaling the central bank may tolerate further appreciation.

Taiwan’s dollar ended 1 percent higher at NT$29.80 against its U.S. counterpart, according to Taipei Forex Inc. The currency added to yesterday’s rise of 0.4 percent after having reversed gains in the final minutes of trading in the previous two days. The central bank has intervened to support the U.S. currency toward the end of trading almost every day since April, according to traders who declined to be identified as the authority doesn’t disclose such details usually.

“The trend for the Taiwan dollar to rise will continue,” said Henry Lin, a Taipei-based foreign-exchange trader at Taiwan Shin Kong Commercial Bank. The limited extent of today’s intervention suggests “the central bank wants to minimize intraday volatility.”

Overseas sales rose 19.1 percent in December from a year earlier after having gained 21.8 percent in November, the Ministry of Finance said.

Government bonds were little changed. The yield on the 1 percent note due January 2016 was 1.092 percent, compared with 1.087 percent yesterday, according to Gretai Securities Market, the island’s biggest debt exchange. The rate fell two basis points this week. A basis point is 0.01 percentage point.

To contact the reporter on the story: Andrea Wong in Taipei at awong268@bloomberg.net

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net

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