Taiwan Currency

The Bush Administration on Tuesday accused China and Taiwan of manipulating their exchange rates to gain unfair advantage in international trade. In a report to Congress, the Treasury Department said Beijing and Taipei artificially depress the value of their currencies, thereby keeping the prices of their products low and inflating their export sales to the United States and other nations. The result is widening U.S. trade deficits and shrinking U.S. exports to the two nations, officials said.

A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.

The Taiwan dollar soared Monday to its highest level in almost 30 years against the U.S. currency as banks and exporters dumped the U.S. dollar amid reports that Washington was pressing for a stronger Taiwan currency. Dealers said the Central Bank intervened only moderately to stem the rise of the local dollar after newspaper reports Saturday said Washington wanted currency talks later this month. The Taiwan dollar surged by 16 Taiwan cents to close at 27.87 per U.S. dollar. The U.S.

China's stepped-up military threats against Taiwan in the last week have led to a sharp increase in the transfer of money from Taiwan to Southern California banks, put transpacific business deals on hold and prompted a rush to book flights from Taiwan to the United States. "I think a lot of people are nervous," said Nannen Xu, a senior advisor at Far East National Bank in Los Angeles.

The Bush Administration on Friday named South Korea, West Germany and Japan as nations that need to do more to cut the huge trade surpluses they are running with the United States. The Administration's assessment, delivered by Treasury Secretary Nicholas F. Brady and Undersecretary-designate David Mulford, was particularly critical of West Germany and South Korea. The officials, testifying before the Senate Banking Committee, indicated that those two countries needed to make significant changes in policy to promote reductions in global trade imbalances.

A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.

Sometime last year, the Taiwanese started buying gold. And they're buying more gold, quietly, often in the form of pure bars weighing more than 400 ounces apiece. This year alone, they have bought a virtual mountain of gold--186 tons--compared to less than a single ton during the first few months of last year. "What does all this mean?"asked Jeffrey A. Nichols, president of American Precious Metals Advisors, a New York investment advisory firm.

Central Bank Liberalizes Money Transfers: Taiwan's central bank said it will allow non-resident foreign individuals and institutions to freely transfer up to $100,000 in or out of the country. The move is in line with bank efforts to liberalize foreign exchange rules and expand growth in local banks' foreign exchange business, the Central Bank of China said in a statement.

Central Bank Liberalizes Money Transfers: Taiwan's central bank said it will allow non-resident foreign individuals and institutions to freely transfer up to $100,000 in or out of the country. The move is in line with bank efforts to liberalize foreign exchange rules and expand growth in local banks' foreign exchange business, the Central Bank of China said in a statement.

The Bush Administration on Tuesday accused China and Taiwan of manipulating their exchange rates to gain unfair advantage in international trade. In a report to Congress, the Treasury Department said Beijing and Taipei artificially depress the value of their currencies, thereby keeping the prices of their products low and inflating their export sales to the United States and other nations. The result is widening U.S. trade deficits and shrinking U.S. exports to the two nations, officials said.

The Bush Administration on Friday named South Korea, West Germany and Japan as nations that need to do more to cut the huge trade surpluses they are running with the United States. The Administration's assessment, delivered by Treasury Secretary Nicholas F. Brady and Undersecretary-designate David Mulford, was particularly critical of West Germany and South Korea. The officials, testifying before the Senate Banking Committee, indicated that those two countries needed to make significant changes in policy to promote reductions in global trade imbalances.