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Taiwan says local listed companies take forex losses of $4.4 bln in 2016
April 5, 2017 / 2:33 AM / 8 months ago

Taiwan says local listed companies take forex losses of $4.4 bln in 2016

TAIPEI, April 5 (Reuters) - Taiwan’s financial regulator said on Wednesday that companies listed on the local stock exchange had reported forex losses of T$133.9 billion ($4.4 billion) in 2016, because of the Taiwan currency’s strength against the U.S. dollar.

Some investors have been concerned the losses would continue to climb, given the Taiwan dollar has strengthened about 6 percent so far this year.

About T$122 billion of the currency losses was reported by insurers.

Taiwan’s central bank, fearful of being labelled a currency manipulator by U.S. President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar, making it Asia’s second best-performing currency in 2017.

Officials of the Financial Supervisory Commission revealed the forex losses at a legislative session, without elaborating.

Reporting by Faith Hung; Editing by Eric Meijer

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