Taiwan’s foreign exchange reserves have risen to a new high of 56 billion U.S. Dlrs, and officials attribute the increase to a surging trade surplus and the influx of speculative funds. The reserves, up from 54 billion dlrs on April 19, compare with 27.3 billion a year ago, the Central Bank said. Vice economic minister Wang Chien-shien told Reuters: “The rising reserves will certainly intensify our trade friction with the U.

Finance Minister Kiichi Miyazawa said Japan has no plans to take new emergency measures to support the dollar, other than foreign exchange intervention. He also told reporters that many major nations yesterday intervened heavily to support the dollar against the yen. Yesterday’s intervention was large in terms of the countries involved and the amounts expended, he said. With the continued fall of the dollar against the yen, speculation had arisen in currency markets here that Japan might take new measures to support the U.

The Commodity Credit Corporation late Friday readjusted county price differentials for PIK corn redemptions traded off the Louisiana Gulf, according to a CCC spokesman at the Kansas City Agricultural Stabilization and Conservation Service, ASCS, office. He said the adjusted differentials supersede the adjustments made March 30. They represent an increase over the original differentials but are lower than the differential adjustments recently made. For differentials of five to 15 cents, CCC added one cent.

Chancellor of the Exchequer Nigel Lawson criticised media coverage of comments he made yesterday, when he was reported as saying he wanted sterling to stay roughly where it was, specifying a rate of around 2.90 marks and 1.60 dlrs to the pound. Holding up a newspaper report on his comments headed “Exchange Rate Targets Set” Lawson told journalists “This story is a complete non-event.” He criticised the report, which said he was now targetting sterling against the dollar and mark.

Taiwan and the U.S. Have revised and extended their textile export agreement after negotiations in Washington this week, a spokesman for the Taiwan Textile Federation said. Charles Chen told Reuters the original three year accord has been extended by one year to the end of 1989. The U.S. Has agreed to raise the limit on annual growth of Taiwan’s textile and apparel exports to one pct from 0.5 pct for calendar 1989, he said.

The EC Commission has proposed a modified plan for a tax on marine and vegetable oils and fats in its revised 1987/88 farm price proposals, an official document detailing the proposals shows. The document, made available to journalists, says the commission proposes that the tax should start at levels originally proposed for vegetable oils on October 1. However, the tax on marine oils and fats would be cut by 50 pct from originally envisaged levels, the document said.

Spanish exporters are asking the government to clear 33,200 tonnes of sunflower seed authorised for export by the European Community (EC), a spokesman for one of Spain’s major sunflower oil producers said. He told Reuters in a telephone interview the government was holding back on authorisation to hold prices low. “They are deliberately keeping prices down to help meet this year’s inflation target despite the threat of a surplus on what looks like a bigger harvest than we expected,” he said.

The U.S. Economy has peaked and will slow to a growth rate of between 2.5 pct and three pct for the remainder of 1987, First Boston Corp Managing Director Albert Wojnilower said. He told an investment conference the U.S. Economy will not be able to sustain the 4.3 pct growth rate recorded in first quarter gross national product. He said continued intermittent attacks on the U.S. Currency could lead to a substantial rise in long term interest rates.

Washington views with concern a plan to increase Japan’s voting power at the Asian Development Bank (ADB), a U.S. Delegate at the bank’s annual meeting said. Japan, which holds 15.1 pct of the ADB’s capital stock, and the U.S. Which holds 14.9 pct, currently have near-parity in voting power. “The ADB was set up in 1966 as a partnership between the U.S. And Japan,” the official said. “Any change in that relationship would transmit a psychological message to this region’s countries that there is a slackening of interest on the part of the U.

The World Bank over the last month repaid and refinanced 500 billion yen in loans at more favourable interest rates in what was the first step in a plan to refinance its existing debt, Eugene Rotberg, World Bank vice-president/treasurer said. He told Reuters in a telephone interview from Washington that the moves are consistent with, but not driven by, the Bank’s view that interest rates have essentially bottomed out and will move higher by year-end.