1)
The New Taiwan Dollar has dropped to a four-year low after the Japanese yen and the Korean won extended their slide.
On Friday Taiwan’s currency dropped 0.36% to NT$30.176 against one US Dollar to keep the country’s exports competitive with those of Japan and South Korea. Analysts said this is probably just the beginning of a currency war in Asia.
2)
Eight Taiwan-initiated proposals will be included in the statement of the APEC Ministerial Meeting that began on Friday. That’s the word from foreign ministry official Chou Tai-chu on Thursday.
Chou was in Beijing to attend the Senior Officials’ Meeting. He said one of the eight proposals is ADOC, or APEC Digital Opportunity Center. ADOC has been running for ten years and has received praise from senior Vietnamese and Philippine officials. Chou also said ADOC has benefitted 650,000 people in 10 economies, most of whom are women, children, and the disadvantaged.
Other Taiwan-initiated proposals include APEC Accelerator Network, APEC capacity-building center, Energy Smart Communities Initiative (ESCI), expediency in liquefied natural gas trade, and a five-year plan to strengthen public-private partnerships to reduce food losses in the supply chain.
3)
Defense minister Yen Ming has visited Taiping Island in a show of Taiwan’s sovereignty.
Taiping Island, controlled by Taiwan, is the biggest of the contested Spratly Islands in the South China Sea. Yen’s visit on Wednesday is his first since he took office as defense minister in August last year.
In addition to Taiwan and China, Vietnam, Malaysia, the Philippines, and Brunei also claim sovereignty over the disputed Spratly Islands. China has expanded facilities on a South China Sea island. To counter China’s move, Taiwan is now constructing a port on Taiping Island, which is expected to be completed in late 2015. Taiwan is also considering stationing armed vessels permanently on the island.