World News

Taiwan’s central bank to stabilize forex market after Fed cuts rates

TAIPEI (Reuters) – Taiwan’s central bank will act to stabilize the foreign exchange market after the U.S. Federal Reserve cut interest rates in response to the fast-spreading coronavirus, a bank official told Reuters on Wednesday.

“We don’t know how powerful this will be,” said the central bank official, speaking on condition of anonymity, referring to the impact of the U.S. decision on Taiwan’s foreign exchange market.

The Taiwan dollar strengthened against the U.S. dollar more than 0.7% on Wednesday morning.

(Reporting by Liang-sa Loh; Writing by Ben Blanchard; Editing by Tom Hogue)