The volume of foreign exchange trading in the Taipei inter-bank market went up suddenly and sharply at 11:00 am this morning, causing the NTD/USD exchange rate to fall from 32.547 to 32.451. Several anxious domestic and foreign banks called the Central Bank of China to report that one of the foreign banks operating in Taiwan had dumped a substantial amount of foreign exchange in the market in an apparent attempt to influence the exchange rate.
Central Bank of China
Release date: July13, 2006
The volume of foreign exchange trading in the Taipei inter-bank market went up suddenly and sharply at 11:00 am this morning, causing the NTD/USD exchange rate to fall from 32.547 to 32.451. Several anxious domestic and foreign banks called the Central Bank of China to report that one of the foreign banks operating in Taiwan had dumped a substantial amount of foreign exchange in the market in an apparent attempt to influence the exchange rate.
The Central Bank of China met with the general manager of the Taipei branch of the foreign bank in question this afternoon to discuss this incident. The Central Bank of China will take appropriate action once the facts have been established.