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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Taiwan orders probe as currency hits high vs dollar AFP - Friday, December 31 Send IM Story Print Taiwan orders probe as currency hits high vs dollar TAIPEI (AFP) - – Taiwan's financial regulator said Thursday it will set up a task force to inspect banks' use of foreign cash inflows to check for forex speculation as the local currency hit a 13-year high against the dollar. The move comes as emerging markets mostly in Asia see huge amounts of money pumped into their economies with investors looking for better returns on their cash as Western nations continue to struggle after the global downturn. The Financial Supervisory Commission (FSC) said it had instructed banks to provide information on the "end beneficiaries" of foreign funds as the Taiwan dollar has risen about five percent against its US counterpart in the past two months. Governments of emerging markets are wary of the flows of so-called "hot money", which is criticised for causing economic instability due to fears it can pulled out of the country at any time. But later Thursday the Central Bank, following its quarterly board meeting, announced its third key interest rate hike this year in a bid to curb inflation and rising property prices. The move could lead to further inflows of capital in search of higher interest rates, and the bank said it will use "flexible" management of the local currency to ease the impact of capital inflows, without elaborating. "The central bank is likely to continue raising key interest rates next year to ease excessive liquidity in the market," said Mars Hsu, an analyst at Grand Cathay Securities. The FSC said it had set up a task force to carry out its checks. It "supports the Central Bank in stabilising the financial markets... the task force will inspect banks to check the usage of foreign funds," it said in a statement. The move came after the central bank said separately that it interviewed the chiefs of two banks regarding recent "irregular trading" involving massive sales of foreign currencies at a particular time. "Over the past few days, a small number of authorised foreign exchange banks have targeted specific times of the day to sell off large quantities of foreign exchange," the central bank said Wednesday. Taiwan has already taken steps to limit hot money inflows with the Commission recently banning foreign funds from investing more than 30 percent of their portfolios in government bonds with maturities of a year or less. And the central bank is suspected of intervening on forex markets to keep a cap on the local currency as a strong unit would be harmful to the export-reliant economy. Foreign speculative funds invested in Taiwan as traders bet on the appreciation of the local currency were estimated at around 9.86 billion US last month, according to Central Bank Governor Perng Fai-nan. -- Dow Jones Newswires contributed to this story -- Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 21 minutes ago Jobless claims, factory data buoy recovery hopes Reuters - 21 minutes ago Rattner settles with Cuomo for $10 million Reuters - 32 minutes ago Chrysler recalls more than 144,000 vehicles: NHTSA Reuters - 49 minutes ago Groupon raises $500 million, to buy back shares Reuters - 1 hour 1 minute ago News Search Top Stories Spanish PM trumpets economic uptick, commits to reforms '250 billion' plastic fragments in Mediterranean Ponting ruled out of final Ashes Test Swiss franc hits record high vs dollar, euro, pound Pope acts to tackle money-laundering in Vatican More Top Stories » ADVERTISEMENT Most Popular Most Viewed French model known for anti-anorexia ads dies World's oldest human remains claimed in Israel Brazil's Petrobras confirms giant oil finds Deadline looms for Billy the Kid pardon Reese Witherspoon engaged to Hollywood agent More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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