Amadeusz Juskowiak

Taiwan rejects textile maker plea on exchange rate

Central bank governor Chang Chicheng rejected a request by textile makers to halt the rise of the Taiwan dollar against the US Dollar to stop them losing orders to South Korea Hong Kong and Singapore a spokesman for the Taiwan Textile Federation said

He quoted Chang as telling representatives of 19 textile associations last Saturday the government could not fix the Taiwan dollar exchange rate at 35 to one US Dollar due to US Pressure for an appreciation of the local currency

The Federation asked the government on February 19 to hold the exchange rate at that level