Stock exchange decoupling!

The New Taiwan dollar once rose above the 30.3 yuan mark, and was temporarily closed at 30.344 yuan (photo by reporter Chen Meiying)

[Reporter Chen Meiying/Taipei Report] The market’s concerns about the crisis in the U.S. banking industry eased, encouraging bank stocks to soar. However, U.S. bond yields rose and U.S. technology stocks were under pressure. Taiwan stocks opened lower today, and the broader market index fell sharply After more than 100 points, the exchange rate trend of the New Taiwan dollar was decoupled from the stock market. Under the dumping of foreign exchange by exporters, it once rose above the 30.3 yuan mark in early trading, and temporarily closed at 30.344 yuan at noon, an appreciation of 2.8 cents, with a turnover of 596 million US dollars.

Foreign news reports that SVB Silicon Valley Bank has found a buyer. First Citizens Bank of the United States announced on Monday that it has bought Silicon Valley Bank at a discounted price of US$16.5 billion. Deutsche Bank also has the German Chancellor’s personal endorsement. European stocks closed up as banking stocks rebounded. As the euro rose, the U.S. dollar index fell back to 102. The major Asian currencies, the Japanese yen, the Korean won and the Chinese yuan, also changed from yesterday’s decline and went up one after another.

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The exchange rate of the New Taiwan dollar was sold at 30.34 yuan in the morning, with an appreciation of 3.2 points, and the highest rose to 30.29 yuan. Exporters have substantial demand for foreign exchange, which is expected to bring support to Taiwan stocks. However, the exchange rate trend of the New Taiwan dollar depends largely on the performance of the stock market and the inflow and outflow of foreign capital.

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