Taiwan’s listed companies took forex loss of US$4.4 billion in 2016
Most of the currency loss was reported by insurers.
Taiwan’s financial regulator said on Wednesday that companies listed on the local stock exchange had reported forex losses of T$133.9 billion (US$4.4 billion) in 2016, because of the Taiwan currency’s strength against the US dollar.
Some investors have been concerned the losses would continue to climb, given the Taiwan dollar has strengthened about 6 percent so far this year.
About T$122 billion of the currency losses was reported by insurers.
Taiwan’s central bank, fearful of being labelled a currency manipulator by US President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar, making it Asia’s second best-performing currency in 2017.
Officials of the Financial Supervisory Commission revealed the forex losses at a legislative session, without elaborating.