Hi All,
If like me, you are a Brit , you are probably also worried by the decline in the NT$ and the strength of the pound. I’ve seen the exchange rate as low as 46NT$ to one pound and as high as 64NT$ to the pound, this week’s value. We can all moan and say how bad it is but I’d rather spend my time on working out how to deal with the situation.
I could sit it out - but I fear it is only going to get worse - the UK’s interest rate is after set to rise next year.
I could convert my salary into other currencies - I hold an accont with HSBC that allows me a number of currencies. I was thinking of converting it to Japanese Yen as I can see the interest rates going up in Japan next year and the economy getting stronger vis a vis Britain/US
Ideally, I would like to buy renminbi as the chinese currency is surely only going to get stronger. Please can someone tell me how this is possible in Taiwan. Which bank will allow you to exchange NT$ for Renminbi. In my experience, none will - but on a couple of other messages, people say it is possible through a HK bank. - If so, can we have details please.
The strength of the pound visavis the NT is solely based on the pound dollar exchange rate. Now, I would suggest that the NT is not going to weaken considerably against the US$ as it is likely the US economy will slow down.
In fact, I would suggest that patience be your strategy here.
Hi Kenneth,
The trouble is I think patience might be a double edged sword. The next movement in UK interest rates will surely be up, whilst most would agree that the next movement in the US will be down leading the exchange rate only to “worsen”. The govt are trying to cool the housing market in Britain and are wary against inflation, whereas the US govt want to stay competitive and keep the dollar week. I fear that the pound may soon be touching the 65+ NT$ mark.
[quote=“KenTaiwan98”]Actually, correct me if I’m wrong but…
The strength of the pound visavis the NT is solely based on the pound dollar exchange rate. Now, I would suggest that the NT is not going to weaken considerably against the US$ as it is likely the US economy will slow down.
In fact, I would suggest that patience be your strategy here.
Kenneth[/quote]
Right,I agree on it.
I have the foreign currency account .The most one I own is GBP.
The exchange rate is about 64 about 2 weeks long.
Going to be 65 I think it needs some time.
NT to GBP decline but The NT is not going to weaken .
They predict NT to US may be 31 to 32 next year.
Yesterday NT to US is about 32.6.
Japanese yen the interest rate is not good.
I may choose US .Its interest rate still better than Japanese yen.
Seems a couple of “optimists” already jumped ship:
[quote]The Mainland Affairs Council (MAC) warned local shops yesterday not to trade in Chinese yuan, or they will face fines and their Chinese currency cash will be confiscated.
MAC officials made the statement after it was reported the same day that a popular computer and hi-tech product store had posted an advertisement welcoming the use Chinese yuan to make purchases. According to the report, a well-known coffee shop chain has also listed its prices in Chinese yuan.
According to the MAC officials, these two business practices are in breach of the law, and the central bank has the right to impose penalties on the two enterprises.
Has no one learned about the plight of dolarization in Latin America? It is not too wise to relinquish control of your currency, no matter how good it looks now, things can change pretty fast… :s