Taiwan Dollar at Its Best Since ‘50s

TAIPEI —  The Taiwan dollar soared Monday to its highest level in almost 30 years against the U.S. currency as banks and exporters dumped the U.S. dollar amid reports that Washington was pressing for a stronger Taiwan currency.

Dealers said the Central Bank intervened only moderately to stem the rise of the local dollar after newspaper reports Saturday said Washington wanted currency talks later this month.

The Taiwan dollar surged by 16 Taiwan cents to close at 27.87 per U.S. dollar. The U.S. currency meanwhile surged against other currencies on world markets, hitting a 2 1/2-month high of 1.8325 West German marks in New York early Monday before the U.S. Federal Reserve and European central banks intervened.

A Central Bank official said Monday’s jump, which matched the record for a single-day appreciation on Nov. 1, catapulted the Taiwan dollar to a level that it has not seen since the late 1950s. Exact dates were not available.