April 14, 2017 / 2:14 AM / 9 months ago

Taiwan asks insurers to adjust forex hedging as local currency strengthens

TAIPEI, April 14 (Reuters) - Taiwan’s financial regulator has asked local insurers to adjust their foreign exchange hedging to reduce the impact of the strengthening local currency against the U.S. dollar on their earnings, according to a document from the regulator obtained by Reuters.

The request comes after the Taiwan dollar surged about 6 percent so far this year, making it one of the best-performing currencies in Asia.

Taiwan’s central bank, fearful of being labelled a currency manipulator by U.S. President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar. (Reporting by Emily Chan; Writing by Faith Hung; Editing by Sam Holmes)

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