A CURRENCY DEALER ON THE TELEPHONE IN TAIPEI, 1997-11-20 (photo)

A currency dealer at a Taipei brokerage speaks on the telephone November 20. The recently depreciating Taiwan dollar sank below $33 Taiwan to the U.S. dollar for the first time in a decade after neighbouring South Korea's won plunged below the daily 10 percent pre-set limit. Late profit-taking on the U.S. dollar erased the day's losses and sent the Taiwan dollar to a slightly firmer close at T$32.725. Central bank officials said there was no need for the Taiwan dollar to slide, as Taiwan's economy is in far better shape than South Korea's. TAIWAN DOLLAR