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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 central bank checks commercial banks' NDF ops Reuters - Wednesday, December 29 Send IM Story Print * Citibank: Central bank finds nothing untoward * Latest in a series of similar central bank actions * Taiwan dollar surges anew TAIPEI, Dec 29 - Taiwan's central bank has inspected non-deliverable forwards and foreign exchange operations at banks including Citibank as it steps up its efforts to ease currency volatility. The move comes two days after the central bank tightened limits on trading in NDFs as it grapples with a Taiwan dollar that has risen to 13-year highs [ID:nTOE6BR007]. Taiwan's central bank has been waging a running battle for most of this year against surges in the domestic currency, prompted by concerns that a strong Taiwan dollar could destabilise the export-dependent economy and create asset bubbles. Citibank said in a statement on Wednesday that the central bank had sought "to understand the bank's foreign exchange trading situation but had found nothing out of the ordinary." The central bank was not immediately available for comment. The central bank has a track record of making adjustments to regulations and seeking information from banks as a way of exerting pressure on what it considers speculation and reminding banks of its presence. But it has stopped short of major measures such as taxes on speculative money. It had earlier this year conducted inspections of five or six banks' currency forwards business [ID:nTOE69602U]. For a factbox on its long battle against "hot money", see [ID:nTOE6AO03R]. The Taiwan dollar rose over 3 percent to as high as T$29.402 to the U.S. dollar on Wednesday, continuing its recent run of big surges. Foreign capital inflows to the region have risen sharply, attracted by better growth prospects and higher potential returns than in major developed economies. But the Taiwan dollar closes each day little changed, as the central bank intervenes at the end of trading. It has risen about 3 percent so far this year, but without the intervention would be up over 8 percent. That leaves it behind regional peers the peso and ringgit, but above the 1.5 percent rise in fellow electronics exporter South Korea's currency, which is also restrained by intervention. One dealer at a foreign bank in Taipei said that the inspections will simply mean that banks have to be even more punctilious in their daily reports on trading to the central bank. The dealer added that the central bank's actions cannot ultimately change the demand for the Taiwan dollar. Analysts say that the main risk to Taiwanese exporters from a stronger dollar is likely to fall on smaller firms. "The Taiwan dollar, at this point, will certainly have some impact on all tech exporters but it has been rising for a period of time, one to two quarters, so most companies knew that trend and must have hedging tools," said John Chiu, a vice president and fund manager at Fuh Hwa Securities Investment Trust. "Big companies have experience on this but small-cap companies might face risks if they don't respond quickly." (Reporting by Jeanny Kao, Baker Li and Jonathan Standing; Editing by Chris Lewis) Recommend Send IM Story Print Related Articles Israel's Elbit Systems gets $18 mln Asian contract Reuters - 19 minutes ago WRAPUP 1-China's rare earths export cut raises trade concerns Reuters - 21 minutes ago Spanish stocks - Factors to watch on Wednesday Reuters - 23 minutes ago India cash rates ease a tad, mth-end govt spend eyed Reuters - 42 minutes ago China raises rediscount rate in tightening catch-up Reuters - 47 minutes ago News Search Top Stories Shredding bad bits of 2010 is best revenge World's oldest human remains claimed in Israel West African deliver ultimatum to Ivory Coast's Gbagbo PepsiCo's Russia deal wins Putin's blessing Areva carries out capital increase More Top Stories » ADVERTISEMENT Most Popular Most Viewed Elton John and partner become parents: report Playboy's Hefner proposes to 24-year-old Playmate Tail end of US blizzard sows travel chaos Alcatel-Lucent pays US fine on corruption charges Israel to close door on African influx More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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