Gold Price Taiwan
Taiwan is officially known as the Republic of China, and nation has one of the largest economies in the world. In the 1980s and early 90s, the government of Taiwan was changed from a dictatorship to a multiple-party democracy with a semi-presidential system. The official language of Taiwan is Mandarin and the nation covers a land area of over 36,000 square kilometers. Taiwan has benefitted from a highly skilled workforce and is one of the most highly educated countries in the world.
The official currency of Taiwan is the New Taiwan Dollar. The dollar can be subdivided into 100 smaller units of currency called cents, and it has been the official currency of Taiwan since it replaced the Old Taiwan Dollar in 1949. The New Taiwan Dollar replaced the Old Taiwan Dollar at a rate of 40,000 to one. The primary objective of the New Taiwan Dollar was to put an end to the hyperinflation caused by the Chinese Civil War. Despite the introduction of the New Taiwan Dollar, the silver yuan remained the legal currency. Per statute, one silver yuan equals three New Taiwan Dollars. This ratio was never adjusted, and the silver yuan became almost impossible to use for exchange purposes.
The exchange rate of the New Taiwan Dollar compared to the U.S. Dollar has seen substantial fluctuation over the decades. In the 1950s, the rate was less than 10 to one. As of 2017, the rate stood around 30 to one.
The New Taiwan Dollar is issued and controlled by the Central Bank of the Republic of China (Taiwan). The central bank was known as the Central Bank of China from 1924 to 2007, and it is headquartered in the capital city of Taipei.
If you are looking to buy gold in Taiwan or simply want to see current prices, you will see them quoted in the New Taiwan Dollar. Prices may also be available in other major global currencies including Chinese Renminbi, U.S. Dollars, Japanese Yen, euros or Great British Pounds.
The Central Mint is an arm of the Central Bank of the Republic of China (Taiwan). The mint produces both circulation coinage as well as commemorative coinage, and also makes medals and other cast products.
Taiwan’s economy is one of the largest in Asia, and most of the region’s state-owned banks and industrial companies have become privatized. Taiwan is involved in numerous industrial sectors that include electronics, petroleum refining, agriculture, pharmaceuticals, textiles, iron and steel, chemicals, technology products and more.
The economy of Taiwan is export-oriented, and foreign trade has played a vital role in the region’s growth for decades. Because of this, Taiwan’s economy is vulnerable to any global economic downturns.
Due to Taiwan’s economic growth, demand for gold could potentially increase in the years and decades ahead for both investment purposes as well as for industrial uses. For investment purposes, the metal can be bought in various forms including gold bars, gold coins, collectibles and even jewelry.