Taiwan’s currency surge steps up pressure for economic overhaul

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Taiwan’s currency surge steps up pressure for economic overhaul - Business Mirror

Quick Summary:

The Taiwan dollar’s most extreme surge since 1988, along with prospects for continued appreciation, has triggered calls for one of the most export-dependent Asian economies to overhaul its growth model.

Sustained Taiwan dollar appreciation could also affect the calculus of the island’s giant life insurance companies—which have long poured cash overseas given limited options for financial investments at home.

The volatility emerged after a recent article in the Taipei-based Business Weekly magazine suggested the Taiwan dollar might need to rise to as strong as 13 per US dollar, from about 32 at the end of last month.