94.3% of locals lack knowledge about foreign currencies investment: poll
By Kathryn Chiu, The China Post
January 24, 2014, 12:06 am TWN
TAIPEI, Taiwan -- A survey commissioned by DBS Bank Taiwan showed people generally lacked knowledge about foreign currency investments, as 94.3 percent of respondents answered less than 60 percent of the survey questions correctly.
DBS Bank Taiwan conducted the online survey to find out how much customers know about foreign exchange markets and their investment behaviors.
The survey showed that 68 percent of people considered interest rates to be the most important factor related to foreign exchange investments, overlooking how fluctuations in the exchange rates can affect profits.
The survey further revealed that roughly 50 percent of respondents said they have a foreign currency account, but 62 percent were unclear of the differences between the four frequently posted rates — "cash buy," "cash sell," "telegraph transfer bank buy" and "telegraphic transfer bank sell."
Jerry Chen (陳亮丞), general manager of DBS Bank Taiwan, stated that being the foreign exchange expert, DBS Bank Taiwan provides clients with comprehensive market information, including daily morning market updates, weekly foreign exchange commentaries and quarterly investment outlooks via multiple channels, such as DBS Bank's Line account, Facebook, the DBS Bank Taiwan Mobile App, the DBS official website and email.
Chen added that the bank also offers various foreign exchange-related products and services catering to the diverse needs of customers, aimed at assisting them to understand the foreign exchange market and foreign currencies, so as to capitalize on investment opportunities.