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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan signals weaker currency amid export slump Reuters - Tuesday, February 24 * Central bank urges importers to hedge forex positions ADVERTISEMENT * Central bank says market determines Taiwan dollar levels * Analysts see Taiwan dollar weakening past T$35 By Jeanny Kao TAIPEI, Feb 23 - Taiwan's central bank urged importers on Monday to hedge their foreign exchange positions, signalling that it was ready to let the Taiwan dollar weaken further after it hovered at near 6-year lows over the past week. Some analysts now expect the Taiwan dollar <TWD=TP> to weaken past T$35 per U.S. dollar in the next three months, from T$34.6 currently, but the decline is expected to be gradual as the central bank has to balance maintaining export competitiveness with ensuring healthy private investments. Taiwan's economy shrank at a record annual pace of more than 8 percent in the fourth quarter, reflecting the exposure of Asian exporters to a brutal slump in world demand and tipping the island into a recession. The increasingly bleak outlook for exports could tempt policy makers in Asia to let their currencies weaken in a bid to support company earnings and save jobs. "If they can hedge, they should just do so," central bank vice governor George Chou told Reuters after a meeting between top government officials and industry leaders, but he declined to elaborate further. Chou's comment was in response to a question on why importers have been relatively quiet in trading in the Taiwan dollar market. Some importers had been wary of buying U.S. dollars when the Taiwan currency was weakening. Chou also reiterated previous central bank comments that the Taiwan dollar's levels should be determined by market demand and supply. HELPING EXPORTERS The Taiwan dollar ended stronger at T$34.628 to the U.S. dollar, off an intraday low of T$34.862, which was the weakest level since April 30, 2003, when the day's trough was T$34.948. "From the central bank's recent comments and moves, I think it wants the Taiwan dollar to weaken gradually, unless there are sharp movements in other currencies," said a dealer in Taipei. Joseph Lau, an economist with Credit Suisse, said he did not expect an aggressive depreciation in the Taiwan dollar this year because authorities would be wary of a heavy outflow of capital. "Certainly our short term bias is for the Taiwan dollar to weaken to T$35.2," said Joseph Lau, an economist at Credit Suisse, adding that the Taiwan dollar could hit that level in three months time. "I can easily see it going to T$36 or even above T$36." Taiwan's companies have been worried that a sharp weakening in the South Korean won <KRW=>. the currency of Taiwan's key export rival, will make Taiwanese goods more expensive. The Taiwan dollar has lost more than 5 percent since the beginning of the year, which is much less than the won's over 15 percent fall. "Our exports have been falling quite a lot from November to January and part of the reason is because our exports were concentrated in only a few industries," Economics Minister Yiin Chii-ming said in a news conference after the meeting with business executives. Yiin said Taiwan should diversify its export markets and industries. Around half of Taiwan's exports land in China and the United States and about a third are electronics and technology goods, making the island highly dependent on only a few markets. With many Asian countries already in a free trade pact with one another and the United States, Taiwan hopes to clinch a similar deal to make their exports more competitive. "There is an urgent need to sign such a cooperation trade deal with China so that we won't lose out in competitiveness and we won't be marginalised. We see economies in southeast Asia enjoying near-zero tariffs due to free trade pacts," Yiin said. However, Yiin said a wide-reaching trade deal with China will not be discussed when top negotiators from both sides meet before the middle of this year because they would need more time to hammer out some details. 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