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NT$ closes sharply lower after central bank rate cut.
(From Taiwan Economic News)
Taipei, Nov. 13, 2002 (CENS)--The New Taiwan dollar yesterday dropped NT$0.150 to close at NT$34.565 against the U.S. dollar due mainly to bigger-than-expected cut of 25 basis points announced Monday evening by the Central Bank of China on its key rates, dealers said. Dealers said market participants had expected a 12.5-basis-point reduction none at all. The bigger-than-expected cut promoted interbank and offshore non-deliverable forward players to cover their short U.S. dollar positions. Dealers said that the central bank cut rates by more than expected in order to curb recent gains in the local currency. The cuts, which took effect …
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