The central bank responded to the nine major associations with four pictures on its Facebook page in the evening. Only one of the exchange rates of the New Taiwan dollar could not rise and fall. (Photo by reporter Chen Meiying)
[Reporter Chen Meiying/Taipei Report]The 9 major associations reported to the Ministry of Economic Affairs that the impact of the appreciation of the Taiwan dollar was greater than that of the RECP signing. The central bank clarified through the Facebook fan page in the evening that the Taiwan dollar has appreciated by 6.7% over the past two years, not the 12-15% of the 9 major associations. Although the decline in production and exports has been reported, the electronics and communications industries have performed well. The exchange rate of the New Taiwan Dollar mainly reflects the overall export performance of Taiwan. “There is only one exchange rate for the New Taiwan Dollar, which cannot rise and fall at the same time.”
The central bank said that Taiwan’s export growth rate for 2019 and January-October 2020 was -1.5% and 3.4%, which were significantly better than other Asian economies. However, the Taiwan dollar has appreciated by 4.52% this year (until November 23). The appreciation of 6.7% is not reflected by the 9 major guilds in the two-year appreciation of 12-15%. Compared with other Asian currencies, the exchange rate of New Taiwan dollar is not too strong.
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The central bank emphasized that although most of my country’s traditional industry exports have experienced negative growth last year and this year, electronic components and information communication and video products have performed well, which has increased overall exports. In addition to reflecting the impact of capital movements, the NTD exchange rate It mainly reflects the overall export performance of Taiwan. The central bank said that there is only one exchange rate for the new Taiwan dollar, which cannot rise and fall at the same time.
The central bank said that the central bank has always tried its best to maintain the dynamic stability of the exchange rate of the new Taiwan dollar to facilitate manufacturers’ external quotations and operations. For a long time, the average volatility of the exchange rate of the new Taiwan dollar against the US dollar has been lower than the Korean won, Japanese yen, Euro and Singapore dollar.
Taiwan’s exports exceeded 30 billion U.S. dollars for two consecutive months, setting new highs repeatedly. In addition to exporters’ demand for foreign exchange, and foreign resale into purchases, the purchase of more than NT$157.7 billion since November, the remittance amount is even more impressive, and the pressure of the appreciation of NT However, the central bank has resorted to full defense and an unlimited supply of U.S. dollars. The exchange rate of the New Taiwan dollar against the U.S. dollar has not exceeded 28.5 yuan for two consecutive weeks.
The central bank has just issued an open letter to the Chairman of the Taiwan Machinery Association Kobaxi, calling on the industry not to rely on the depreciation of the Taiwan dollar, but to develop new products and increase the added value of products, and seize the opportunity to upgrade the industry in order to continuously enhance competitiveness.
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