The New Taiwan Dollar rallied Thursday, closing at 32.366 against the greenback as the recent fall in the value of the Chinese renminbi slowed.
On Thursday the Chinese government tried to dampen speculation of further devaluation. China said that talk of a 10% devaluation of the Chinese renminbi to shore up the country’s exports is “nonsense”.
Two days ago, China devalued its currency by 2%, causing a shock wave across the world and dragging down other Asian currencies. The value of the New Taiwan Dollar also fell to its lowest in more than five years.