Silver Price Taiwan
(Taiwanese New Dollars)
Conversion : 1 troy ounce = 31.1034768 grams
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Silver Price Taiwan
Taiwan is known officially as the Republic of China. The capital city of the nation is Taipei and the country covers some 36,000 square kilometers. The official language of Taiwan is Mandarin, and the nation has seen tremendous economic benefits from its highly skilled workforce. The nation is also considered one of the most highly educated in the world.
The official currency of Taiwan is the New Taiwan Dollar. The New Taiwan Dollar has been the country’s official currency since 1949, when it replaced the Old Taiwan Dollar at a rate of 40,000 to one. The Chinese Civil War had fueled significant inflation in the region, and the New Taiwan Dollar was introduced to put an end to that hyperinflation. Although the New Taiwan Dollar was the de facto currency of the nation, the silver yuan was still used as its legal currency for a period of time. Per statute, one silver yuan equals three New Taiwan Dollars, and the ratio was never adjusted. Because of this, the silver yuan is nearly impossible to use for exchange purposes.
The value of the New Taiwan Dollar has seen significant fluctuations over the years. In the 1950s, the New Taiwan Dollar was valued at less than 10 to one against the U.S. Dollar. By 2017, that ration has moved to approximately 30 to one.
The New Taiwan Dollar is issued and controlled by the country’s central bank known as the Central Bank of the Republic of China (Taiwan). The central bank is located in the capital city of Taipei and was known from 1924 until 2007 as the Central Bank of China.
Quotes for silver in Taiwan will be in the local currency, however, silver prices may also be available in other major global currencies such as U.S. Dollars, Great British Pounds, Japanese Yen, euros or Chinese Renminbi. The metal is most often quoted by the ounce, gram or kilo, although sometimes other local units of measure may also be used.
The economy of Taiwan is one of the largest in Asia, and the nation is involved in numerous industrial sectors. Some of Taiwan’s main areas of focus include electronics, chemicals, iron and steel, agriculture, textiles, pharmaceuticals and technology products.
Because Taiwan is an export-oriented economy that is heavily involved in technology, demand for silver could potentially increase in the region in the years and decades ahead. The white metal is already used in several key industrial arenas such as electronics, solar energy production, chemical production and more. As more potential uses for it are discovered, manufacturers within Taiwan may need to buy and stockpile more of the metal.
As its economy becomes more advanced, investors may also become more attracted to silver. The white metal can potentially be useful as a hedge against such economic issues as inflation or deflation, and may also provide a possible hedge against declining fiat currency values. It can also be added for diversification purposes, as more investors look for alternatives outside of traditional stocks and bonds.
