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Taiwan: Central bank turns down sovereign wealth fund idea

Posted on 23 July 2014

The central bank yesterday rejected suggestions that it use the nation’s foreign-exchange reserves to establish a sovereign wealth fund, saying the two differ in operations and objectives. Local media reported last week that former minister without portfolio Schive Chi had called for the establishment of a sovereign wealth fund to better manage the nation’s forex reserves, raise their profitability and help narrow the nation’s deficit.
However, the central bank did not agree, issuing a 49-page reference report in response. “There are foreign-exchange reserves to maintain stability in the foreign-exchange market,” the bank said in the report………………………………………..Full Article: Source


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