Why have Asian currencies been appreciating recently? The catalyst is the New Taiwan Dollar.

The trigger for the recent appreciation of Asian currencies was the New Taiwan Dollar. According to reports, the rapid appreciation of the New Taiwan Dollar was due to factors such as the recent rebound of the Taiwan stock market, a large influx of foreign capital converting US dollars into New Taiwan Dollars, pushing up the exchange rate; Taiwanese life insurance companies holding a large amount of US bonds recently sold off heavily due to the devaluation of US assets and switched to investments in Taiwan; Taiwanese exporters worried about the continuous appreciation of the New Taiwan Dollar panicked and sold US dollars, further increasing demand, and so on. This led to other Asian currencies joining the selling camp, triggering a brief and concentrated phenomenon of currency appreciation.