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Taiwan's central bank to stabilise forex market after Fed cuts rates

[TAIPEI] Taiwan's central bank will act to stabilise the foreign exchange market after the US Federal Reserve cut interest rates in response to the fast-spreading coronavirus, a bank official told Reuters on Wednesday.

"We don't know how powerful this will be," said the central bank official, speaking on condition of anonymity, referring to the impact of the US decision on Taiwan's foreign exchange market.

The Taiwan dollar strengthened against the US dollar more than 0.7 per cent on Wednesday morning.