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George Soros targets Taiwan dollar

Dec. 16, 2010 (China Knowledge) - Billionaire investor George Soros' hedge funds are targeting the Taiwan dollar for speculative trading, a Taiwan local newspaper reported.

Yesterday, the Taiwan dollar against U.S. dollar currency exchange rate exceeded 30:1 for awhile. Sources with knowledge of the matter revealed that Soros is planning to benefit from the Taiwan dollar market.

Senior officials from Taiwan's central bank said, in response to the rumor, that they did not notice the sign for now, but added the possibility can not be ruled out.  

Executives from HSBC Taiwan noted that recently they noticed the hot money from Hong Kong has been flowed in Taiwan, which is unusual, because the hot money was normally flow from Europe and the U.S.

Last month, Soros' hedge-fund firm Soros Fund Management LLC opened its first Asian office in Hong Kong. The new operation will focus on investment in A-share, China concept and RMB related products, according to an earlier report from China Knowledge.






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