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September 20, 2019

Cybersecurity
Cyber Week in Review: September 20, 2019

Australia concludes China responsible for cyberattack; North Korean hacking groups sanctioned; Facebook heads to Washington; and U.S. blacklisting still hurting Huawei.

Facebook Chief Executive Mark Zuckerberg walks past members of the news media as he walks to the office of U.S. Senator Josh Hawley (R-MO) while meeting with lawmakers to discuss "future internet regulation" on Capitol Hill in Washington, U.S., September 19, 2019.

October 15, 2019

Taiwan
What Does Taiwan’s Hidden Forward Book Mean for Taiwan’s Financial Stability and U.S. Currency Policy?

Taiwan's central bank—and Taiwanese households—have taken on an awful lot of foreign currency risk over the years …

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December 12, 2019

Trade
Visualizing 2020: Trends to Watch

CFR experts spotlight some of the most important trends they will be tracking in the year ahead.  

November 15, 2019

Cybersecurity
Cyber Week in Review: November 15, 2019

Angela Merkel urges European Union to reclaim control over data; Suspected Chinese hackers target U.S. manufacturing industry group; Brazil to break ranks with United States on Huawei, says Chinese a…

 A Hikvision surveillance camera is seen on the Drum Tower in downtown Beijing, China June 19, 2019. Picture taken June 19, 2019.

October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

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October 8, 2019

Taiwan
Could Taiwan’s Commercial Banks Cover the Lifers' Hedging Need? (Part 4)

Who is on the other side of the massive ($250 billion) hedging need of Taiwan's life insurance industry? The local banking system covers at most a quarter of the life insurers hedging need, and forei…

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October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

This is the third post in a series* on Taiwan's life insurers and their private & sovereign FX hedging counterparties. It’s the product of a collaboration with S.T.W**, a market participant and frien…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

Large-scale purchases of foreign bonds have become the central flow sustaining Taiwan’s massive current account surplus and keeping the Taiwan dollar weak. The size of this flow raises the question o…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

December 3, 2019

Asia
Asia Still Lags When It Comes to FX Market Transparency...

Quarterly disclosure with a quarter lag doesn't add much to the numbers already provided in the balance of payments (especially if it isn't clear what is being disclosed). Semi-annual disclosure prov…

Asia Still Lags When It Comes to FX Market Transparency...

October 3, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ Billion Dollar Enigma (Part 1)

Taiwan’s central bank, unlike most central banks, doesn’t disclose its position in FX derivatives. It really should. There is good reason to think its undisclosed exposure is quite substantial.   …

A Taiwan dollar note is seen in this illustration photo May 31, 2017.