BANKERS OPPOSE STRICT TAIWAN CURRENCY CONTROLS
Taiwan imposed currency controls today
in what bankers called a desperate move to prevent speculation
as the Taiwan dollar appreciated against the U.S. currency.
    The strict controls will require proof that large
remittances to Taiwan are connected to commercial transactions
rather than currency speculation.
    Bankers attacked the controls as ineffective, saying they
were a panic reaction to pressure from Washington for faster
appreciation of the Taiwan currency against the U.S. dollar,
which would slow exports to the United States.
    Remittances exceeding one mln dlrs earned through exports,
shipping, insurance or bank lending will now need government
approval, along with remittances of more than 10,000 dlrs from
any other source.
 Reuter
