DOCSLIB.ORG

2018-BBDXY-Index-Rebalance.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2018-BBDXY-Index-Rebalance.Pdf BLOOMBERG DOLLAR INDEX 2018 REBALANCE 2018 REBALANCE HIGHLIGHTS • Euro maintains largest weight 2018 BBDXY WEIGHTS Euro 3.0% Japanese Yen • Canadian dollar largest percentage weight 2.1% 3.7% Canadian Dollar decrease 4.5% 5.1% Mexican Peso • Swiss franc has largest percentage weight increase 31.5% British Pound 10.5% Australian Dollar 10.0% • Mexican peso’s weight continues to increase Swiss Franc 18.0% (2007: 6.98% to 2018: 10.04%) 11.4% South Korean Won Chinese Renminbi Indian Rupee STEPS TO COMPUTE 2018 MEMBERS & WEIGHTS Fed Reserve’s BIS Remove pegged Trade Data Liquidity Survey currencies to USD Remove currency Set Cap exposure Average liquidity positions under to Chinese & trade weights 2% Renminbi to 3% Bloomberg Dollar Index Members & Weights 2018 TARGET WEIGHTS- BLOOMBERG DOLLAR INDEX Currency Name Currency Ticker 2018 Target Weight 2017 Target Weights Difference Euro EUR 31.52% 31.56% -0.04% Japanese Yen JPY 18.04% 17.94% 0.10% Canadian Dollar CAD 11.42% 11.54% -0.12% British Pound GBP 10.49% 10.59% -0.10% Mexican Peso MXN 10.05% 9.95% 0.09% Australian Dollar AUD 5.09% 5.12% -0.03% Swiss Franc CHF 4.51% 4.39% 0.12% South Korean Won KRW 3.73% 3.81% -0.08% Chinese Renminbi CNH 3.00% 3.00% 0.00% Indian Rupee INR 2.14% 2.09% 0.06% GEOGRAPHIC DISTRIBUTION OF MEMBER CURRENCIES GLOBAL 21.47% Americas 46.53% Asia/Pacific 32.01% EMEA APAC EMEA AMER 6.70% 9.70% 9.37% Japanese Yen Australian Dollar Euro Canadian Dollar 46.80% 11.67% South Korean Won 22.56% 56.36% British Pound 53.20% 15.90% 67.74% Mexican Peso Chinese Renminbi Swiss Franc Indian Rupee HISTORICAL TARGET WEIGHTS OF BBDXY 100% Indian Rupee 90% Brazilian Real 80% New Taiwan Dollar 70% Singapore Dollar Swedish Krona 60% Chinese Renminbi 50% South Korean Won 40% Australian Dollar Swiss Franc 30% Mexican Peso 20% British Pound 10% Canadian Dollar 0% Japanese Yen Euro CURRENCY RANKINGS LIQUIDITY: BIS TRIENNIAL SURVEY (2017) TRADE WEIGHTS: FEDERAL RESERVE (2017) Currency Share Ranking Country or Region Currency Trade Weight Ranking EUR 31.3911 1 China CNY 21.559 1 JPY 21.62171 2 Euro area EUR 17.199 2 GBP 12.80012 3 Mexico MXN 12.822 3 AUD 6.874189 4 Canada CAD 11.89 4 CAD 5.139336 5 Japan JPY 6.524 5 CHF 4.804041 6 Korea KRW 3.911 6 CNY 3.987705 7 United Kingdom GBP 3.595 7 SEK 2.216743 8 Taiwan TWD 2.259 8 NZD 2.05279 9 Switzerland CHF 2.182 9 MXN 1.915476 10 India INR 2.071 10 SGD 1.805479 11 Brazil BRL 1.833 11 HKD 1.730755 12 Singapore SGD 1.665 12 NOK 1.671953 13 Malaysia MYR 1.654 13 KRW 1.654686 14 Thailand THB 1.505 14 TRY 1.43699 15 Hong Kong HKD 1.44 15 RUB 1.146153 16 Australia AUD 1.136 16 INR 1.143721 17 Isreal ILS 0.967 17 BRL 1.00031 18 Indonesia IDR 0.949 18 ZAR 0.972872 19 Russia RUB 0.921 19 DKK 0.836402 20 Saudi Arabia SAR 0.76 20 Triennial Central Bank Survey Foreign Exchange Rates - H.10 - Total Trade Weights Bloombergindices.com For additional information and licensing: [email protected] New York +1-212-318-1000 London +44-20-7330-7500 Singapore: +65-6212-1000 Hong Kong +852-2977-6000 Tokyo: +81-3-3201-8900 Sydney +61-2-9777-8600 Disclaimer BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) or Bloomberg’s licensors own all proprietary rights in the BLOOMBERG INDICES. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDICES. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDICES or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. It is not possible to invest directly in an index. Back-tested performance is not actual performance. Past performance is not an indication of future results. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with BLOOMBERG INDICES or any data or values relating thereto - whether arising from their negligence or otherwise. This document constitutes the provision of factual information, rather than financial product advice. Nothing in the BLOOMBERG INDICES shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy,” “sell,” “hold” or enter into any other transaction involving a specific interest) by Bloomberg or its affiliates or licensors or a recommendation as to an investment or other strategy. Data and other information available via the BLOOMBERG INDICES should not be considered as information sufficient upon which to base an investment decision. All information provided by the BLOOMBERG INDICES is impersonal and not tailored to the needs of any specific person, entity or group of persons. Bloomberg and its affiliates do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. Customers should consider obtaining independent advice before making any financial decisions. ©2017 Bloomberg Finance L.P. All rights reserved. .
Load more

Recommended publications
  • Preparing for the Possibility of a North Korean Collapse
    CHILDREN AND FAMILIES The RAND Corporation is a nonprofit institution that EDUCATION AND THE ARTS helps improve policy and decisionmaking through ENERGY AND ENVIRONMENT research and analysis. HEALTH AND HEALTH CARE This electronic document was made available from INFRASTRUCTURE AND www.rand.org as a public service of the RAND TRANSPORTATION Corporation. INTERNATIONAL AFFAIRS LAW AND BUSINESS NATIONAL SECURITY Skip all front matter: Jump to Page 16 POPULATION AND AGING PUBLIC SAFETY SCIENCE AND TECHNOLOGY Support RAND Purchase this document TERRORISM AND HOMELAND SECURITY Browse Reports & Bookstore Make a charitable contribution For More Information Visit RAND at www.rand.org Explore the RAND National Security Research Division View document details Limited Electronic Distribution Rights This document and trademark(s) contained herein are protected by law as indicated in a notice appearing later in this work. This electronic representation of RAND intellectual property is provided for non-commercial use only. Unauthorized posting of RAND electronic documents to a non-RAND website is prohibited. RAND electronic documents are protected under copyright law. Permission is required from RAND to reproduce, or reuse in another form, any of our research documents for commercial use. For information on reprint and linking permissions, please see RAND Permissions. This report is part of the RAND Corporation research report series. RAND reports present research findings and objective analysis that address the challenges facing the public and private sectors. All RAND reports undergo rigorous peer review to ensure high standards for re- search quality and objectivity. Preparing for the Possibility of a North Korean Collapse Bruce W. Bennett C O R P O R A T I O N NATIONAL SECURITY RESEARCH DIVISION Preparing for the Possibility of a North Korean Collapse Bruce W.
    [Show full text]
  • Singapore's Exchange Rate-Based Monetary Policy
    Singapore’s Exchange Rate-Based Monetary Policy Since 1981, monetary policy in Singapore has been centred on the management of the exchange rate. The primary objective has been to promote price stability as a sound basis for sustainable economic growth. The exchange rate represents an ideal intermediate target of monetary policy in the context of the small and open Singapore economy. It is relatively controllable through direct interventions in the foreign exchange markets and bears a stable and predictable relationship with the price stability as the final target of policy over the medium-term. There are several key features of the exchange rate system in Singapore. First, the Singapore dollar is managed against a basket of currencies of our major trading partners and competitors. The various currencies are assigned weights in accordance with the importance of the country to Singapore’s trading relations with the rest of the world. The composition of the basket is revised periodically to take into account changes in trade patterns. Second, MAS operates a managed float regime for the Singapore dollar. The trade- weighted exchange rate is allowed to fluctuate within a policy band, the level and direction of which is announced semi-annually to the market. The band provides a mechanism to accommodate short-term fluctuations in the foreign exchange markets and flexibility in managing the exchange rate. Third, the exchange rate policy band is periodically reviewed to ensure that it remains consistent with underlying fundamentals of the economy. It is important to continually assess the path of the exchange rate in order to avoid a misalignment in the currency value.
    [Show full text]
  • Explainer: Exchange Rates and the Australian Economy
    rba.gov.au/education twitter.com/RBAInfo facebook.com/ ReserveBankAU/ Exchange Rates and the youtube.com /user/RBAinfo Australian Economy An exchange rate is the value of one currency in Together these effects also have implications for terms of another currency. Exchange rates matter the balance of payments. This Explainer describes to Australia’s economy because of their influence the effects of exchange rate movements and on trade and financial flows between Australia highlights the main channels through which and the rest of the world. Changes in exchange these changes affect the Australian economy. rates affect the Australian economy in two If the exchange rate between the Australian dollar main ways: and the US dollar is 0.75 then one Australian 1 There is a direct effect on the prices of dollar can be converted into US75c. An increase goods and services produced in Australia in the value of the Australian dollar is called relative to the prices of goods and services an appreciation. A decrease in the value of the produced overseas. Australian dollar is known as a depreciation. 2 There is an indirect effect on economic activity and inflation as changes in the relative prices of goods and services produced domestically and overseas influence decisions about production and consumption. Exchange rates and economic activity Trade prices Economic activity and inflation GDP Export Export prices volumes Exchange Domestic Unemployment Inflation rate demand Import Import prices volumes RESERVE BANK OF AUSTRALIA | Education Exchange Rates and the Australian Economy 1 Australian goods and services, leading to an Direct Effects increase in the volume (that is, quantity) of The direct effect of an exchange rate movement Australian exports.
    [Show full text]
  • SOUTH KOREA Executive Summary
    Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT SOUTH KOREA Executive Summary Banking The South Korean central bank is the Bank of Korea (BOK). Within the BOK, the main objective is to maintain price stability. Bank supervision is performed by the (FSC) and its executive arm, the Financial Supervisory Service (FSS). South Korea applies central bank reporting requirements. These are managed by the BOK, according to the rules set out in the Bank of Korea Act and the Statistics Law of 1962 and relevant regulations. Resident entities are permitted to hold foreign currency bank accounts domestically and outside South Korea. Domestic currency accounts are not convertible into foreign currency. Non-resident entities are permitted to hold domestic and foreign currency bank accounts within South Korea. Non-residents are also allowed to hold “non-resident free won accounts,” which are convertible. Since implementing a number of banking and regulatory reforms following the Asian financial crisis in 1997, the number of credit institutions operating within South Korea has reduced from 33 commercial banks in 1997 to 12. The banking sector consists of seven nationwide commercial banks, six local banks, and five specialized banks. There is a significant foreign banking presence in South Korea – 42 foreign banks have established branches in the country. Payments South Korea’s two main interbank payment clearing system operators are the BOK and the Korea Financial Telecommunications and Clearing Institute (KFTC). The BOK operates the country’s RTGS system, while the KFTC operates the country’s main retail payment systems. The most important cashless payment instruments in South Korea are credit cards in terms of volume, and, in terms of value, credit transfers.
    [Show full text]
  • Devaluation of Currency
    Devaluation of Currency Subject: Global Economic Issues Presented to: Mr. Kamran Abdullah Presented By: Abdul Hameed Baloch BM-25011 Institute of Business & Technology, Karachi Institute Of Business & Technology (BIZTEK) Page 1 DEVALUATION OF CURRENCY TABLE OF CONTENTS S. No.Description ACKNOWLEDGEMENT PREFACE CURRENCY Institute Of Business & Technology (BIZTEK) Page 2 1.1 What Is Currency 1.2 Pakistani Currency 1.3 Role Of SBP DEVALUATION 2.1 Introduction 2.2 Devaluation In Modern Economies 2.3 Types Of Exchange Rate Systems 2.4 Country Devaluation 2.5 Effects Of Devaluation EXCHANGE RATE 3.1 SBP’s Policy About Currency 3.2 Exchange Rates FACTORS CAUSING DEVALUATION OF PKR 4.1 Balance Of Payment 4.2 Pakistan’s Balance Of Payment 4.3 Measures For Correcting Adverse BoP 4.4 Suggestions To Improve BoP 4.5 Depleting Foreign Reserves 4.6 Decreased Credit Rating 4.7 Law And Order Situation 4.8 Situation In Northern Pakistan 4.9 Proposed Remedy 4.10 Domestic Issues GLOBAL ISSUES 5.1 OVERVIEW 5.2 SUBPRIME 5.3 US, WAR ON TERROR, FOOD CRISIS AND MORE 5.4 DOLLAR AND CHINA CONCLUSION REFRENCES PREFACE The purpose of this study is to analyze the sharp drop in the value of PKR. The international crisis following the events of September 11, 2001 and the ensuing US attack on Afghanistan caught Pakistan in the crossfire, came with serious Institute Of Business & Technology (BIZTEK) Page 3 economic and political consequences for the country. With increasing number of refugees crossing the border, adverse Balance of Payments and deteriorating law and order situation, Pakistan is loosing the battle to maintain the strength of its currency which is devaluating at a helpless rate.
    [Show full text]
  • India's Balance of Payments, 1921-22 to 1938-39
    THE ECONOMIC WEEKLY March 18, 1061 India's Balance of Payments, 1921-22 to 1938-39 Estimates of Current and Long-term Capital Accounts Aran Banerji An attempt is made in this article to estimate India's balance of payments' daring the inter-war years. Compared to the few existing estimates, many new items have been assigned magnitudes and others revalued. Over the 18 years India imported over Rs 200 crores of long-term capital, but paid four to five times as much by way of interest charges. During the pre-war years, 1898-1913, too, capital imports fell short of debt services. For a complete assessment of the cost of foreign capital, to debt services must be added other remittan­ ces including coastal freights, remittances by exchange banking and out of incomes and accumulated savings of the foreign business and professional community temporarily resident in India. THE estimates of India's balance debit (or credit) for the exchange tive forces. These offset the first of payments submitted by the of evidences of indebtedness. movement and/or affect the current Government of India to the League and/or long-term capital account(s) This method perhaps found its of Nations from 1923-24 omitted first major use in Hobson's "The and are thus reflected in one or certain items in both the current Export of Capital" (London, 1911). more of the above categories. and, capital accounts, and covered Viner (''Canada's Balance of Inter­ We adopt Viner's threefold divi­ other items very inadequately. They national Indebtedness 1900-1913." sion of the current account, but not related only to British India, ex­ Harvard.
    [Show full text]
  • Relevant Market/ Region Commercial Transaction Rates
    Last Updated: 31, May 2021 You can find details about changes to our rates and fees and when they will apply on our Policy Updates Page. You can also view these changes by clicking ‘Legal’ at the bottom of any web-page and then selecting ‘Policy Updates’. Domestic: A transaction occurring when both the sender and receiver are registered with or identified by PayPal as residents of the same market. International: A transaction occurring when the sender and receiver are registered with or identified by PayPal as residents of different markets. Certain markets are grouped together when calculating international transaction rates. For a listing of our groupings, please access our Market/Region Grouping Table. Market Code Table: We may refer to two-letter market codes throughout our fee pages. For a complete listing of PayPal market codes, please access our Market Code Table. Relevant Market/ Region Rates published below apply to PayPal accounts of residents of the following market/region: Market/Region list Taiwan (TW) Commercial Transaction Rates When you buy or sell goods or services, make any other commercial type of transaction, send or receive a charity donation or receive a payment when you “request money” using PayPal, we call that a “commercial transaction”. Receiving international transactions Where sender’s market/region is Rate Outside of Taiwan (TW) Commercial Transactions 4.40% + fixed fee Fixed fee for commercial transactions (based on currency received) Currency Fee Australian dollar 0.30 AUD Brazilian real 0.60 BRL Canadian
    [Show full text]
  • Table of Contents
    S&P BSE SENSEX Gold Hedged Indices Methodology April 2016 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 2 Partnership 2 Highlights 2 Index Family 2 Index Construction 4 Approaches 4 Index Calculations 4 Index Maintenance 6 Rebalancing 6 Base Date and History Availability 6 Index Governance 7 Index Committee 7 Index Policy 8 Announcements 8 Unscheduled Market Closures 8 Recalculation Policy 9 Index Dissemination 10 Tickers 10 FTP 10 Web site 10 Contact Information 11 Index Management 11 Product Management 11 Media Relations 11 Client Services 11 Disclaimer 12 S&P Dow Jones Indices: S&P BSE SENSEX Gold Hedged Indices Methodology 1 Introduction Partnership On February 19, 2013, S&P Dow Jones Indices and the BSE Ltd. (formerly Bombay Stock Exchange (“BSE”) announced their strategic partnership to calculate, disseminate, and license the widely followed BSE suite of indices. Highlights The S&P BSE SENSEX Gold Hedged Index and S&P BSE SENSEX Dynamic Gold Hedged Index seek to simulate the returns of an investment strategy which is long the S&P BSE SENSEX and hedged against changes in the Indian rupee versus gold. The indices are calculated by hedging the beginning-of-period S&P BSE SENSEX total return index values using rolling Multi Commodity Exchange (MCX) Gold Mini futures contracts. The hedge only protects against adverse movements in the relative value of the Indian rupee, as expressed in the rupee price of gold. Stock market risk is not hedged in any way. The results of the gold-hedged index strategy, versus that of an un-hedged strategy, vary depending upon the movement of the gold futures contract and the Indian rupee.
    [Show full text]
  • Modelling Australian Dollar Volatility at Multiple Horizons with High-Frequency Data
    risks Article Modelling Australian Dollar Volatility at Multiple Horizons with High-Frequency Data Long Hai Vo 1,2 and Duc Hong Vo 3,* 1 Economics Department, Business School, The University of Western Australia, Crawley, WA 6009, Australia; [email protected] 2 Faculty of Finance, Banking and Business Administration, Quy Nhon University, Binh Dinh 560000, Vietnam 3 Business and Economics Research Group, Ho Chi Minh City Open University, Ho Chi Minh City 7000, Vietnam * Correspondence: [email protected] Received: 1 July 2020; Accepted: 17 August 2020; Published: 26 August 2020 Abstract: Long-range dependency of the volatility of exchange-rate time series plays a crucial role in the evaluation of exchange-rate risks, in particular for the commodity currencies. The Australian dollar is currently holding the fifth rank in the global top 10 most frequently traded currencies. The popularity of the Aussie dollar among currency traders belongs to the so-called three G’s—Geology, Geography and Government policy. The Australian economy is largely driven by commodities. The strength of the Australian dollar is counter-cyclical relative to other currencies and ties proximately to the geographical, commercial linkage with Asia and the commodity cycle. As such, we consider that the Australian dollar presents strong characteristics of the commodity currency. In this study, we provide an examination of the Australian dollar–US dollar rates. For the period from 18:05, 7th August 2019 to 9:25, 16th September 2019 with a total of 8481 observations, a wavelet-based approach that allows for modelling long-memory characteristics of this currency pair at different trading horizons is used in our analysis.
    [Show full text]
  • Incoming Letter: Taipei Exchange Main Board and Taipei Exchange
    New York Paris Northern California Madrid Washington DC Tokyo São Paulo Beijing London Hong Kong James C. Lin Partner Resident Hong Kong Partners Davis Polk & Wardwell 852 2533 3368 tel William F. Barron* Gerhard Radtke* Hong Kong Solicitors 852 2533 1768 fax Bonnie Chan* Martin Rogers † The Hong Kong Club Building [email protected] Karen Chan † Patrick S. Sinclair* 3A Chater Road Paul K. Y. Chow* † Miranda So* Hong Kong James C. Lin* James Wadham † Hong Kong Solicitors * Also Admitted in New York † Also Admitted in England and Wales August 29, 2019 Re: Application for Designation of the Taipei Exchange Main Board and Taipei Exchange Bond Market as a “Designated Offshore Securities Market” Michael Coco, Chief Office of International Corporate Finance Division of Corporation Finance United States Securities and Exchange Commission 450 Fifth Street. N.W. Washington, DC 20549 Dear Mr. Coco: We are writing to the United States Securities and Exchange Commission (the “SEC” or the “Commission”) on behalf of the Taipei Exchange (the “TPEx”) to apply for the classification of a “designated offshore securities market” for purposes of Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended, for (i) the portion of the TPEx known as the Taipei Exchange Main Board (the “TPEx Main Board”) and (ii) the portion of the TPEx known as the Taipei Exchange Bond Market (the “TPEx Bond Market” and together with the TPEx Main Board, the “TPEx Platforms”). Designation is being sought in order to assist market participants to the TPEx Platforms who are eligible for the safe harbor provision provided by Rule 904 of Regulation S to satisfy the requirements specified in that rule when reselling securities “in, on or through the facilities of” the TPEx Platforms.
    [Show full text]
  • U.S.-South Korea Relations
    U.S.-South Korea Relations Mark E. Manyin, Coordinator Specialist in Asian Affairs Emma Chanlett-Avery Specialist in Asian Affairs Mary Beth Nikitin Analyst in Nonproliferation Mi Ae Taylor Research Associate in Asian Affairs December 8, 2010 Congressional Research Service 7-5700 www.crs.gov R41481 CRS Report for Congress Prepared for Members and Committees of Congress U.S.-South Korea Relations Summary Since late 2008, relations between the United States and South Korea (known officially as the Republic of Korea, or ROK) have been arguably at their best state in decades. By the middle of 2010, in the view of many in the Obama Administration, South Korea had emerged as the United States’ closest ally in East Asia. Of all the issues on the bilateral agenda, Congress has the most direct role to play in the proposed Korea-U.S. Free Trade Agreement (KORUS FTA). Congressional approval is necessary for the agreement to go into effect. In early December 2010, the two sides announced they had agreed on modifications to the original agreement, which was signed in 2007. South Korea accepted a range of U.S. demands designed to help the U.S. auto industry and received some concessions in return. In the United States, the supplementary deal appears to have changed the minds of many groups and members of Congress who previously had opposed the FTA, which is now expected to be presented to the 112th Congress in 2011. If Congress approves the agreement, it would be the United States’ second largest FTA, after the North American Free Trade Agreement (NAFTA).
    [Show full text]
  • Introduction to TAIWAN
    Introduction to TAIWAN Taiwan is a very open economy, which enjoys a solid industrial export base and an exceptionally strong external financial position. Its average real GDP growth has slowed to 2.5% per year since 2011 from 5.6% in 2003-2007, as the economy has been affected by the weakening in global trade and China's industrial growth slowdown. However, Taiwan could also benefit greatly from the relocation of some production units away from mainland China to the island, as Taiwanese enterprises – strongly encouraged by the authorities – are changing their output strategy in response to the US tariff hikes on Chinese imports and rising labour costs in China. The Taiwanese export base is expected to strengthen in the short-medium term. Taiwan has successfully managed the COVID-19 crisis so far, and economic growth should remain positive in 2020 (expected at 1%). Exports should be dynamic in the short term, domestic demand is resilient and the authorities are maintaining an accommodative policy mix. Tensions with mainland China have worsened since the election of President Tsai Ing-wen of the Democratic Progressive Party (DPP), in 2016. President Tsai was re-elected in January 2020 and the DPP has maintained a majority in Parliament. Difficult relations with the mainland are leading to Taiwan's diplomatic isolation, hampering its relations with other countries and representing a permanent downside risk on its economic prospects and stability. Summary BNP Paribas presence BNP Paribas has had a presence in Taiwan since 1981, the largest French bank in the country, and one of the most significant foreign banks, with branches in Taipei, Taichung and Kaohsiung.
    [Show full text]