Taiwan’s currency has recorded its largest two-day jump in decades, as life insurers moved to hedge their exposed US portfolios and markets fretted that a trade deal with Donald Trump might include the exchange rate.
Extending its gains when trading opened on Monday, the New Taiwan dollar rose another 2.5 per cent against the greenback, taking its two-day gain to 6.5 per cent. Its total rise since the start of April is almost 10 per cent.
The sudden currency movement in Taiwan shows how the impact of the US trade war is rippling through the global economy. It could harm the competitiveness of the island’s export-oriented economy and expose Taiwanese life insurers to losses through their holdings of US assets.
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