Taiwan's central bank to stabilise forex after US rate cut: report | Asian Banking & Finance
,Taiwan
1 view

Taiwan's central bank to stabilise forex after US rate cut: report

The US made its first emergency cut since 2009 as COVID-19 continues to spread.

The Central Bank of the Republic of China (Taiwan) will move to stabilise the foreign exchange market after the U.S. Federal reserve cut interest rates, a bank official told Reuters.

America’s central banking system recently announced its first emergency rate cut since the 2009 financial crisis on the back of the COVID-19 spread. The cut saw interest rates get lowered by 0.5 percentage points to between 1%-1.25%, the fed announced in an official statement.

“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the US central bank said in an official statement.

A central bank official from Taiwan noted that they have no idea how powerful the rate cut’s effect will be to Taiwan’s forex market.

Here’s more from Reuters.

Get Asian Banking & Finance in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The number of HNWIs is expected to reach 3.9 million in 2021 or 60.6% of the population.
Banks have to remain consistent and continuous in testing best practices.
Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.