The Taiwan Page - chronology

chronology

Yi-Chi Chen and Shiuan-Tung Peng are the main contributors of the material on this page.

May 10, 1997: Financial problems exacerbate, Investment environment in Southeast changed: Taiwan's FDI in Thailand and Malaysia fell. [Business Times (Taiwan), May 10, 1997: Section 4]

Aug. 19, 1997: Taiwan has a more stable exchange rate than East Asia countries. [Business Times (Taiwan), Aug. 20, 1997: Section 4]

Aug. 19, 1997: Southeast Financial Crisis, Taiwan will not happen. [Business Times, Aug. 20, 1997: Section 4]

Sept. 6, 1997: The Central Bank of China said that it's worth stabilizing the exchange rate at the expense of 2 billion in US dollar of foreign reserves in two months. [Economic Daily (Taiwan), Sept. 6, 1997: Section 4]

Sept. 6, 1997: The Southeast financial turmoil has a limited impact on Taiwan, according to a research report in the Central Bank of China. [Economic Daily, Sept. 6, 1997: Section 4]

Sept. 25, 1997: The Economics Institute of Academia Sinica in Taiwan reported that the Southeast financial turmoil has affected Taiwan’s economy, according to the survey of business cycle in August. [Economic Daily, Sept. 26, 1997: Section3]

Oct. 3, 1997: Taiwan would be away from the Southeast financial storm. [Economic Daily, Oct. 3, 1997: Section 4]

Oct. 8, 1997: The Central Bank of China announced three monetary policies to stabilize the Taiwan exchange market. [Economic Daily, Oct. 9, 1997: Section 3]

Oct. 18, 1997: The Central Bank of China ("CBC") allowed the New Taiwan Dollar ("NTD") to fall on October 18, giving up defending the currency at about NTD 28.6/USD, which lasted for two and a half months. [Global Economic Forum, Morgan Stanley, Oct. 21, 1997]

Oct. 20, 1997: The stock markets in Asia slumped, the Taiwan Stock Index fell by 4%. [Business Times, Oct. 21, 1997: Section 2]

Oct. 20, 1997: "Black October" in the Taiwan exchange market. [Economic Daily, Oct. 20, 1997: Section 2]

Oct. 23, 1997: The New Taiwan Dollar devaluated 1.9 cents, closed at 30.23. [China Times (Taiwan), Oct. 24, 1997: Section 2]

Nov. 3, 1997: According to the statistics from the Central Bank of China, Taiwan’s OBU increased in September which is not affect by the Southeast financial crisis. [Business Times, Nov. 3, 1997: Section 14]

Nov. 13, 1997: Dr. C. Fred Bergsten, the director of Institute for International Economics, speculated the motive of devaluation of the New Taiwan Dollar. [Statement given before the Committee on Banking and Financial Services, US House of Representatives, Nov. 13, 1997]

Nov. 13, 1997: Mr. Alan Greenspan, the chairman of the Federal Reserve Board, said that there is no other motives for the devaluation of the New Taiwan Dollar. [United Daily News (Taiwan), Nov. 15, 1997: Section 2]

Nov. 19, 1997: The Central Bank of China indicated that it would allow the market to determine the value of New Taiwan dollar ("NTD") in the wake of sharp depreciation of Korean won. [Global Economic Forum, Morgan Stanley, Nov. 19, 1997]

Jan., 1998: Global and Taiwan's economic growth slows down due to Asian financial crisis. [Money Star Weekly Magazine (Taiwan), Jan.1-Jan. 9, 1998: Vol. 1072]

Jan., 1998: The impact of Asian financial crisis emerges, Taiwan's Industry has been damaged. [Money Star Weekly Magazine, Jan.1-Jan. 9, 1998: Vol. 1072]

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This page was last revised on October 26, 1998.