Trader: Taiwan intervened in the afternoon on Monday to prevent the appreciation of the New Taiwan Dollar, significantly increasing the buying pressure for foreign exchange.

According to two foreign exchange traders, Taiwan intervened in the market on Monday afternoon to prevent the appreciation of the New Taiwan Dollar, significantly increasing its buying of US dollars. The Taiwan authorities had been buying foreign exchange through state-owned banks in the morning to inject liquidity, but the intensity increased in the afternoon, with a clearer intention to prevent the appreciation. Exporters continue to sell foreign exchange, while foreign capital flows in and out in both directions. One of the traders mentioned that after the New Taiwan Dollar broke through 30 NT, there was a steady increase in US dollar buying, mainly by individual investors in the market.