U.S. dollar’s slide is the ‘bane’ of Asia’s central bankers

(Credit: I-Hwa Cheng—AFP via Getty Images)

The New Taiwan Dollar made headlines this week after it gained over 5% against the U.S. dollar before the island’s central bank stepped in to curb what it deemed “excessive” inflows. 

The NTD’s shift may have been the most dramatic move this week, but the U.S. dollar strengthened against several currencies this week, including the Malaysian ringgit, the Singapore dollar, and the Indonesian rupiah. Even the Hong Kong Monetary Authority, the city’s de facto central bank, had to recently sell Hong Kong dollars to maintain the city’s peg against the U.S. dollar.