TAIWAN

Concern Over Currency: Taiwan officials expressed concern that continuous strengthening of the Taiwan dollar would weaken the competitiveness of Taiwan products abroad and hurt local economic development. Due to the reopening of the forward foreign exchange market and predictions of a further economic downturn in the United States, the local currency has risen sharply in the past week. Saturday’s money market closed with the Taiwan dollar at 26.19 against the greenback, the highest rate in 19 months. If the upward trend continues, Taiwan’s economy will suffer, a spokesman for the Council of Economic Planning and Development said. The local currency has in the past five years risen in value by almost 45%, from a rate of 38.9 Taiwan dollars against the U.S. currency.