Central bank fears political uncertainty with China growing in influence. FMTNews China Taiwan US Dollar
TAIPEI: Taiwan’s central bank has instructed two major foreign exchange banks on the island to bring in more US dollars before the end of the year to prepare for increased demand in case of political uncertainty in January elections, two sources told Reuters.Opinion polls put President Tsai Ing-wen of the pro-independence Democratic Progressive Party far ahead of her main opponent Han Kuo-yu from the Kuomintang party, which favours close ties with China.
Beijing has in the past menaced Taiwan with war games to try and influence people not to vote for candidates viewed as pro-Taiwan independence, though such efforts have tended to backfire. The sources added that the import volume was less than the last presidential election in 2016, as the central bank assessed that the banks’ dollar cash reserves were still abundant.
Ahead of the 1996 elections, when China fired missiles into the Taiwan Strait, some Taiwanese rushed to buy gold.
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