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Taiwan Dollar Declines to One-Week Low on Outflows; Bonds Steady

March 7 (Bloomberg) -- Taiwan’s dollar dropped to a one-week low as foreign funds cut holdings of local stocks amid concern Europe’s debt crisis will slow the global recovery. Government bonds were steady.

International funds sold $100 million more Taiwanese shares than they bought today, taking net sales for the week to $333 million, according to exchange data. Stock indexes retreated across Asia ahead of tomorrow’s deadline for creditors to accept a debt restructuring by Greece.

“The local dollar continues to weaken as there’s some money leaving Taiwan,” said Tarsicio Tong, a currency trader at Union Bank of Taiwan in Taipei. “Exporters are looking for opportunities to buy the Taiwan dollar, so the currency shouldn’t fall too much.”

The Taiwan dollar slipped 0.1 percent to NT$29.565 against its U.S. counterpart, according to Taipei Forex Inc. It touched NT$29.589, the weakest level since Feb. 29.

The yield on the government’s 1.25 percent bonds due March 2022 was little changed at 1.255 percent, prices from Gretai Securities Market showed.

The overnight money-market rate was little changed at 0.397 percent, according to a weighted average compiled by the Taiwan Interbank Money Center.

To contact the reporter on this 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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