TAIPEI (Taiwan News) — The exchange rate for the New Taiwan dollar on Tuesday (Oct. 6) surged past the NT$29 mark to reach its highest value since Central Bank Governor Yang Chin-long (楊金龍) took office more than two years ago.
The value of the country’s currency rose by NT$0.06 to close at NT$28.96 for US$1 for the day, CNA reported. Total turnover amounted to US$1.162 billion.
Tuesday’s closing figure was the strongest level for the New Taiwan dollar since Yang took office in Feb. 2018. As a result, reporters and analysts have described NT$29 as the “Yang Chin-long line,” even though the Central Bank governor never indicated he would take any action to push the Taiwanese currency back down.