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US dollar down on Taipei forex on strengthening won

TAIPEI, Taiwan -- The U.S. dollar fell against the New Taiwan dollar on Monday, losing NT$0.029 to close at NT$30.352 in Taipei on the turnover of US$701 million amid strengthening momentum of the won.

The Chinese yuan, also known as renminbi, continued its lackluster performance on market concern over China's weakening economic growth after Beijing reported a lower-than-expected increase in factory output in the past two months last weekend.

The won took a hint from the South Korean share market and advanced in value against the greenback, propelling New Taiwan dollar's performance throughout the trading session yesterday, dealers said.

At it has done recently, the Central Bank stepped in during the latter part of the trading session to prop up the U.S. dollar, holding up the upward momentum of the local unit.

Nevertheless, the U.S. dollar fell against the New Taiwan dollar at the end of yesterday's session, losing NT$0.029 to close at NT$30.352 in Taipei on the turnover of US$701 million.

New Taiwan dollar forwards fell last week on concerns that slower growth in China, the island's largest export market, will hurt the local economy.

Frances Cheung, a strategist at Credit Agricole CIB, said that the fall of the New Taiwan dollar stems from market expectation.

Cheung said that Taiwan has quite a big export surplus with China, so if mainland demand weakens, it will have a bigger impact on Taiwan.

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