Taiwan's central bank has instructed two major foreign exchange banks on th...
TAIPEI - Taiwan’s central bank has instructed two major foreign exchange banks on the island to bring in more U.S. dollars before the end of the year to prepare for increased demand in case of political uncertainty in January elections, two sources told Reuters.
China claims Taiwan as its sacred territory to be brought under Beijing’s control by force if necessary, and pays close attention to elections on the island. Two sources with direct knowledge of the situation told Reuters that Taiwan’s central bank has instructed Mega Commercial Bank and Bank of Taiwan to import physical dollar bills - $30 million for Mega and $25 million for Bank of Taiwan.A Taiwan central bank official said it was normal to ask banks to ensure they had ample U.S. dollars ahead of elections.
Taiwan usually stocks sufficient dollars ahead of elections to ensure it can meet demand if there is tension or political uncertainty with China, in case Taiwanese have to leave the island fast or the currency plunges in the event of a crisis.
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