_Taiwan
06-02-2004, 12:55
Taiwan's Ministry of Trade has announced a series of currency devaluations which will devaluate the United China dollar by around 25% over two months.
Over the last 5 years, the United China dollar has been pegged to the US dollar at approximately 5:1. The Taiwan Central Bank is aiming to revalue the currency to about 6.2:1.
Manufacturers have supported the measures, saying it will lift Taiwan out of it's post-war depression. Taiwan is expected to record it's first trade surplus in 5 quarters next month at the end of the current quarter.
Over the last 5 years, the United China dollar has been pegged to the US dollar at approximately 5:1. The Taiwan Central Bank is aiming to revalue the currency to about 6.2:1.
Manufacturers have supported the measures, saying it will lift Taiwan out of it's post-war depression. Taiwan is expected to record it's first trade surplus in 5 quarters next month at the end of the current quarter.