Just want to reinforce a point that @stwill1 made earlier today -- our blogs laying out the case (now confirmed) that Taiwan& #39;s central bank had a large forward position are now available as a paper / .pdf

1/3

https://www.cfr.org/sites/default/files/pdf/shadow-fx-intervention-in-taiwan-solving-a-usd-100-bn-enigma.pdf">https://www.cfr.org/sites/def...

That paper provided by basis of my Oddlots interview on Taiwan& #39;s lifers and the CBC& #39;s (at the time) hidden forward book. That interview is probably the best introduction to the issue ...

2/3 https://www.bloomberg.com/news/audio/2019-10-25/the-great-whodunit-of-taiwanese-life-insurers-podcast">https://www.bloomberg.com/news/audi...

Disclosure of the CBC& #39;s forward book (and less frequent disclosure of its fx deposit with the domestic banks) hasn& #39;t eliminated all the mysteries around the TWD -- including the CBC& #39;s motivation for intervening in the final hour of onshore trading

3/3 https://concentratedambiguity.wordpress.com/2020/08/21/revisiting-taiwan-new-disclosures-pricey-hedges-late-day-jumps-a-new-policy-direction/">https://concentratedambiguity.wordpress.com/2020/08/2...

The pandemic has changed many things. But one thing has remained constant -- the seemingly inexorable march up to the combined foreign assets of Taiwan& #39;s central bank and its lifers ....

(a bonus chart for readers of this thread)