TAIWAN

Foreigners Snap Up Taiwan Dollars: Taiwan dollars are flowing out of the island into Asia at an unprecedented rate as foreigners build up large holdings of the currency despite restrictions on its international use, bankers and economists say. About 28.4 billion Taiwan dollars, the equivalent of more than $1 billion, left Taiwan between January and May, central bank officials estimated. “It seems our currency is becoming increasingly popular in Southeast Asian countries,” said one central bank official. “Many foreigners have become willing to hold the Taiwan dollar because of its strength and the strong purchasing power of Taiwanese tourists and businessmen,” said Ma Kai, research fellow at the Chung Hwa Institution for Economic Research.