Taipei: The United States is not pressing Taiwan to allow its currency to appreciate, Taiwan's central bank chief Yang Chin-long asserted on Thursday. His comments came amidst reports in Taiwanese media that cited Bank of Korea Governor Rhee Chang-yong's remarks on U.S. pressure on Asian currencies.

According to Focus Taiwan, during testimony at the Legislature, Yang addressed the reports, suggesting that the comments by Rhee were poorly translated. He noted that Taiwan's Chung-Hua Institution for Economic Research and the Korean Peninsula News Platform had identified "discrepancies" in the translation of Rhee's comments. Yang stated, "I don't know the precise comments by the Bank of Korea, but there has not been any American pressure on Taiwan."

South Korea's Yonhap News Agency reported that Rhee had mentioned Asian currencies, including the Korean won, gaining ground due to U.S. administration's pressure. Rhee also linked the rise to expectations of resumed trade talks between the U.S. and China, while questioning the U.S. administration's intentions regarding dollar strength.

The context of these discussions is the Taiwan dollar's significant appreciation, surging by 6.21 percent against the U.S. dollar in a two-day period. Speculation in local media suggested this was tied to ongoing tariff negotiations between Taiwan and the U.S., though the government has denied that currency exchange rates were discussed.

Since U.S. President Donald Trump's announcement of tariffs in early April, the Taiwan dollar has risen around 8.7 percent against the U.S. dollar, stirring concerns about Taiwan's export-reliant economy. The White House aims to weaken the U.S. dollar to boost exports and reduce the trade deficit.

Yang explained the Taiwan dollar's recent surge as a result of market expectations driven by financial commentators, linked to the tariff announcement. He emphasized the importance of rapid response to market dynamics, stating, "When you see sparks, you have to move quickly to put them out."

Following recent currency volatility, Yang noted a stabilization in market expectations and a balanced supply-demand situation for the Taiwan dollar, which is currently trading at approximately NT$30, a level seen historically "quite a few times."