Asian currencies slumped, with the Singapore dollar posting its worst week this year, as speculation that the Federal Reserve’s interest-rate reductions are nearing an end boosted the allure of the US currency.
Eight of the 10 most-active Asian currencies outside Japan declined this week.
Singapore’s dollar was the biggest loser this week, dropping 0.7 percent to S$1.3633 against the US currency.
The yuan had the biggest weekly loss in eight months as a state-run academy forecast economic growth to slow this year for the first time in seven years as demand for exports weakens.
The yuan fell to 7.01 from 6.9935 last week, according to the China Foreign Exchange Trade System. Its 0.2 percent decline this week is the most since the five-day period ended Aug. 17.
South Korea’s won was the sole gainer with the best week in three on speculation a rally in stocks spurred stock purchases by overseas investors. It rose 0.3 percent to 996.65 a dollar.
The New Taiwan dollar fell for a third day to NT$30.34, extending this week’s loss to 0.2 percent.
The Taipei MRT is open all night tonight following New Year’s Eve festivities, and is offering free rides from nearby Green Line stations. Taipei’s 2025 New Year’s Eve celebrations kick off at Taipei City Hall Square tonight, with performances from the boy band Energy, the South Korean girl group Apink, and singers Gigi Leung (梁詠琪) and Faith Yang (楊乃文). Taipei 101’s annual New Year’s firework display follows at midnight, themed around Taiwan’s Premier12 baseball championship. Estimates say there will be about 200,000 people in attendance, which is more than usual as this year’s celebrations overlap with A-mei’s (張惠妹) concert at Taipei Dome. There are
The Mainland Affairs Council (MAC) yesterday vowed to investigate claims made in a YouTube video about China’s efforts to politically influence young Taiwanese and encourage them to apply for Chinese ID cards. The council’s comments follow Saturday’s release of a video by Taiwanese rapper Chen Po-yuan (陳柏源) and YouTuber “Pa Chiung (八炯)” on China’s “united front” tactics. It is the second video on the subject the pair have released this month. In the video, Chen visits the Taiwan Youth Entrepreneurship Park in Quanzhou in China’s Fujian Province and the Strait Herald news platform in Xiamen, China. The Strait Herald — owned by newspaper
NEW YEAR’S ADDRESS: ‘No matter what threats and challenges Taiwan faces, democracy is the only path,’ William Lai said, urging progress ‘without looking back’ President William Lai (賴清德) yesterday urged parties across the political divide to democratically resolve conflicts that have plagued domestic politics within Taiwan’s constitutional system. In his first New Year’s Day address since becoming president on May 20 last year, Lai touched on several issues, including economic and security challenges, but a key emphasis was on the partisan wrangling that has characterized his first seven months in office. Taiwan has transformed from authoritarianism into today’s democracy and that democracy is the future, Lai said. “No matter what threats and challenges Taiwan faces, democracy is the only path for Taiwan,” he said. “The only choice
CORRUPTION: Twelve other people were convicted on charges related to giving illegal benefits, forgery and money laundering, with sentences ranging from one to five years The Yilan District Court yesterday found Yilan County Commissioner Lin Zi-miao (林姿妙) guilty of corruption, sentencing her to 12 years and six months in prison. The Yilan District Prosecutors’ Office in 2022 indicted 10 government officials and five private individuals, including Lin, her daughter and a landowner. Lin was accused of giving illegal favors estimated to be worth NT$2.4 million (US$73,213) in exchange for using a property to conduct activities linked to the 2020 Chinese Nationalist Party (KMT) presidential and legislative election campaigns. Those favors included exempting some property and construction firms from land taxes and building code contraventions that would have required
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