TAIWAN: Taiwan, one of the world’s biggest...

TAIWAN: Taiwan, one of the world’s biggest gold buyers, will soon lift a ban on exports of the metal as a step toward liberalizing its financial markets. Finance Minister Wang Chien-shien said at a news conference last week that “The Cabinet will approve our proposal to allow exports shortly.” Parliament’s approval is unnecessary, he said. Taiwan maintained tight curbs on capital flows in the decades after World War II. But in the past few years, encouraged by the island’s growing economic strength, the government has been lifting restrictions. The local gold industry welcomed the decision to permit exports, saying it would probably encourage a rise in imports by giving Taiwan’s avid investors and speculators the option of selling overseas when prices fell.