The worst may be over for the Taiwan dollar as China’s economic recovery and a rebound in the chip industry will support the beleaguered currency, according to analysts.
The island’s dollar is on course to weaken for a sixth month, the longest stretch since 2006, after foreign funds turned sour on its technology sector and risk sentiment deteriorated on slower growth in China.
“Improved China economic prospects and a turnaround in the chip cycle should be positive for the Taiwan dollar,” said Eddie Cheung, senior emerging markets strategist at Credit Agricole CIB in Hong Kong. “The capping of the yuan and the pullback in the dollar should act to restrain Taiwan dollar weakness in the near term.”
But risks remain due to some skepticism over the chip industry’s rebound and geopolitical factors, with Taiwan warning China will ratchet up the military pressure.
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