Taiwan's central bank and the US Treasury Department have agreed to avoid
manipulating exchange rates and to continue their "close" consultations on
foreign exchange and macroeconomic matters.

In a joint statement, the two sides described themselves as "trusted
partners."

They agreed that in cases when intervention in foreign exchange markets are
considered, measures should be reserved for easing excess volatility and
disorderly movements in exchange rates ... and NOT to gain any competitive
advantage.

Both sides committed to disclosing any forex intervention operations on a
quarterly basis, with no more than a quarterly lag.

Before the joint statement, Taiwan's central bank disclosed its market
intervention data every six months.

In a separate statement, Taiwan's central bank said the US Treasury has never
required appreciation of the Taiwan dollar against the US dollar. This was in
response to speculation that Washington had pressed Taipei to boost the
Taiwan dollar's value during their tariff negotiations.

One US dollar bought less than 29 NT in early July. The rate surpassed 31 on
Wednesday and is currently at 30.57, according to GoogleFinance.

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