Monday, September 25, 2023
HomeEconomyTaiwan pledges 'effective' measures as markets plunge

Taiwan pledges 'effective' measures as markets plunge

TAIPEI (Reuters) – Taiwan’s stock stabilization fund is closely monitoring market conditions and will take “effective” countermeasures, Deputy Finance Minister Frank Juan told Reuters on Monday after another sharp drop in stock prices. .

Taiwan’s fundamentals remain sound, but the National Stabilization Fund will closely monitor the impact of a possible slowdown in the global economy, said the fund’s head, Juan Hu.

Other government departments will also monitor the market and take relevant measures, he said.

Funds managed by the Ministry of Finance can intervene in stocks if the government judges that volatility is high.

Taiwan’s main stock index is down more than 24% year-to-date, down 2% in early trade Monday. Worries about the global economy The slowdown will affect the trade-reliant economy of the island, a major producer of semiconductors ranging from consumer electronics to fighter jets, in an already flagging market.

The government still expects the economy to grow more than 3% this year, although this is better than the 6.2010 recorded % much slower, this is the fastest speed since

.25% pace 2010.



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