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Gold Prices in Taiwan Dollars
Gold is traded all over the world, and the yellow metal can be transacted in any currency. Prices are typically quoted by the ounce, gram and kilogram. Prices may also potentially be quoted in other currencies as well, such as U.S. Dollars or euros.
The New Taiwan Dollar is the official currency of Taiwan. This “New” Taiwan Dollar replaced the old Taiwan Dollar in 1949. The currency was originally issued by the Bank of Taiwan, but since 2000 has been issued by the People’s Bank of China.
When the New Taiwan Dollar was introduced, it replaced the old Taiwan Dollar at a ratio of 40,000 to one. The primary goal of the new currency was to put an end to the massive hyperinflation that had taken place due to the Chinese Civil War.
Despite the New Taiwan Dollar being the de facto currency of Taiwan, the silver yuan remained the legal currency. The silver yuan was eventually decoupled from the value of silver during the Second World War. Introduced at a ratio of one silver yuan to three New Taiwan Dollars, the ration has never been adjusted despite years of inflation. This made the silver yuan nearly impossible to use long ago.
In 2000, the New Taiwan Dollar became Taiwan’s legal currency.
The Central Bank of the Republic of China (Taiwan) is tasked with central banking duties for Taiwan.
Gold Pricing in Taiwan Dollars
The gold market is constantly on the move, and the market can be affected by numerous potential influences. Some of the main influences on the gold market may include interest rates, monetary policy, inflation, currency markets, central bank activity, investment demand and more.
Central banks may potentially buy and hold gold to diversify their reserves and to add credibility to their currency.
The Central Mint
The Central Mint is a subsidiary of the Central Bank of the Republic of China (Taiwan). This mint produces circulation coinage as well as commemorative coins and medals. The mint was started in Shanghai in 1920. In 1928, the mint was renamed the Central Mint of China and operated under the ministry of finance. By 1933, the mint began minting circulation coinage. Just a few years later, the Second Sino Japanese War began and the Central Mint moved with the Nationalist Government to safety, opening numerous branches in the process. All of these branches were closed at the war’s conclusion, and the Central Mint moved back to Shanghai. In 1949, the mint followed the government to Taiwan, becoming a subsidiary of the Central Bank of the Republic of China in the process.
The economy of Taiwan is one of the largest in Asia and is included in the IMF’s advanced economies group. Agriculture has steadily declined in the country, accounting for only a small portion of GDP. Taiwan is heavily involved in the services sector, which is a major contributor to the nation’s economic output.
Taiwan has a large information technology industry, and the nation is a major producer of electronics and computer components. Taiwan’s electronics sector is the most important export sector for the nation, and it receives significant investment from the U.S.
Taiwan is one of the world’s largest contract computer chip manufacturers and is also a major producer of LCD screens. Taiwan is home to several major hardware companies.
The semiconductor industry accounts for a large portion of Taiwan’s information technology industry. Taiwan has some of the largest chip makers in the world. After seeing a moderate slowdown during the financial crises of 2007-2010, the semiconductor industry has seen a solid rebound in sales and Taiwan is one of the largest makers of semiconductors in the world.
Taiwan’s foreign trade has been the engine behind its rapid growth in recent decades. The economy is heavily export-oriented, and therefore is vulnerable to global economic downturns.
As Taiwan’s economy continues to grow and expand, demand for gold could potentially increase. Increasing demand could be seen in both gold jewelry as well as gold investment products.