What is the currency of Taiwan
Taiwan Dollar (TWD)
The New Taiwan Dollars (Chinese 新臺幣 / 新台幣, pinyin Xīn Táibì, ISO-4217 code TWD; spreads too NTD or NT $) or simply Taiwan dollars is the currency of the Republic of China on Taiwan. It is issued by the central bank.
In Chinese, the basic unit of the Taiwan dollar (like the renminbi yuan in the People's Republic of China) yuan (Chinese 圓, pinyin yuan 'Round coin', often alternatively Chinese ') written and colloquial Kuai (Chinese 塊, pinyin kuài 'Piece') called. Sub-units of the yuan officially exist, namely (as in China) one yuan = 10 Jiao (Chinese 角, pinyin jiǎo) = 100 Fen (Chinese 分, pinyin fēn; also cent). Jiao is also colloquial Mao (Chinese 毛, pinyin máo) common. The only coin left is the relatively rare 5 Mao coin = 50 cents with the inscription Chinese 伍角, Pinyin wǔ jiǎo 'Five jiao' in circulation.
Coins are 50 cents, 1, 5, 10, 20 and 50 Taiwanese dollars, and banknotes are 100, 200, 500, 1000 and 2000 dollars. The notes are gradually being provided with new security features, up to April 2007 these were 200, 500, 1000 and 2000 dollar notes. The 200 and 2000 dollar bills are unpopular due to Chinese superstition (numerology) and are therefore rarely found in circulation. The 50 cent and 20 Taiwan dollar coins are also relatively rare.
The Taiwan dollar is only convertible in the domestic foreign exchange market. The exchange rates to the US dollar, the euro and the other foreign currencies are determined by the trade between the commercial banks. If the exchange rate fluctuates too much, the central bank intervenes by buying or selling. Legal exchanges are only possible at airport exchange offices and certain banks.
The current rate of the TWD to the euro is approx. 1:33, so 1 euro is approx. 33 TWD. (As of January 2020)
After the defeat of China in the First Sino-Japanese War, the island of Taiwan was under Japanese influence from 1895 to 1945. After Japan's defeat in World War II, the Republic of China introduced the (old) Taiwan dollar as a “provisional” currency. Taiwanese yen were exchanged for Taiwan dollars at a ratio of 1: 1. As a result of hyperinflation in the second half of the 1940s, the New Taiwan Dollar was introduced in 1949. Old Taiwan Dollars were exchanged for New Taiwan Dollars at a ratio of 40,000: 1.
This article is based on the article:
New Taiwan Dollar from the free encyclopedia Wikipedia
and is under the double license GNU license for free documentation and Creative Commons CC-BY-SA 3.0 Unported (short version).
A list of the authors is available on Wikipedia.
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