Taiwan finance minister unfazed by hot money prospect
Staff Reporter 2012-11-10 11:52
Chang Sheng-ford was speaking in the Legislative Yuan on Thursday. (File photo/Yao Chih-ping)
Taiwan's finance minister, Chang Sheng-ford, remained non-committal on Nov. 8 about the potential entry of hot money into the country in the coming months.
"I cannot give any hint or afford any encouragement to the Taiex," Chang said.
Chang was responding to a question from a ruling party lawmaker concerning the prospect that speculative capital may enter Asian markets after Barack Obama was elected to a second term as US president earlier this week.
Financial Supervisory Commission Chairman Chen Yuh-chang said that the recent plunge of the Dow Jones could be temporary, while drops in Asian markets could be marginal.
Chang said the Taiex will not be affected by the result of US presidential election and the security fund for Taiwan's stocks is good enough to support a crisis, should there be one.
Asked if the government would consider any potential tax cuts to encourage more foreign investment and stimulate Taiwan's economy, Chang said no such plan exists at present.
