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18 days ago
BRIEF-Taiwan says local insurers' accumulated forex losses rise to T$97.1 billion as of May
July 4, 2017 / 10:14 AM / 18 days ago

BRIEF-Taiwan says local insurers' accumulated forex losses rise to T$97.1 billion as of May

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July 4 (Reuters) - Taiwan's financial regulator said in a briefing on Tuesday:

* Local insurers' accumulated forex losses hit T$97.1 billion ($3.18 billion) as of May, expanding from T$83.7 billion as of April.

* The widened loss is attributed to the stronger Taiwan currency, which strengthened about 6.7 percent against the U.S. dollar in May

* Losses in June remain to be determined as the local currency weakened against the U.S. dollar that month.

* The Taiwan dollar has been buoyant in the past few months, in part because the authorities have avoided intervening out of fear over trade measures from U.S. President Donald Trump's administration. (Reporting by Faith Hung)

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