The NT dollar closed at 30.526 yuan, a new high in nearly a month.

(Photo by reporter Chen Meiying)

[Reporter Chen Meiying/Taipei Report] U.S. Treasury Secretary Yellen’s words of confidence are effective, coupled with market expectations that the Fed may slow down the pace of interest rate hikes, the return of foreign capital drives up Taipei’s stock exchange rate. Taiwan’s stocks surged more than 200 points, closing at NT$30.526 , Appreciated by 3.7 points, the exchange rate hit a new high in nearly one month, and the trading volume slightly enlarged to 1.428 billion US dollars.

Taiwan stocks soared 247.01 points today, closing at 15760.46 points. The three major legal persons simultaneously overbought, with a total overbought of 27.65 billion yuan.

Among them, foreign capital bought 26.259 billion yuan.

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Foreign capital bought heavily in the spot market, and there was also an inflow in the New Taiwan dollar exchange market, causing the New Taiwan dollar exchange rate to break through the 30.5 mark in early trading. Although the increase was slightly curbed afterwards, it still closed at a near one-month high.

According to the exchange rate announced by the central bank at 4:30, the U.S. dollar index continued to fall by 0.22%, the yen also fell by 0.54% due to the ebb of safe-haven funds, the renminbi fell by 0.23%, the Singapore dollar fell by 0.12%, and the South Korean won and the New Taiwan dollar appreciated by 0.27% and 0.12% respectively. Major Asian currencies rose and fell each other.

On the eve of the Federal Reserve's decision on interest rates, Yellen pointed out that if there is a risk of a run on small and medium-sized banks, the federal government may step in to protect more bank deposits. Outflow has stabilized.

Yellen's speech brought stability to the stock market, while a Goldman Sachs research report pointed out that the pressure on the banking system may prompt the Fed to suspend interest rate hikes and resume raising interest rates in May.

The director of National Bank of China believes that even if the Fed still raises interest rates by one yard to declare its determination to fight inflation, the path of subsequent interest rate hikes will become conservative.

Once the Fed suspends raising interest rates, Taiwan's central bank will follow suit. After all, the most important thing right now is the stability of the financial system.

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