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New Taiwan dollar
新臺幣[I]
ISO 4217
CodeTWD (numeric: 901)
Subunit0.01
Unit
Unityuan (圓)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
SymbolNT$, 元, $‎
NicknameMandarin: 元 (yuán), 塊 (kuài)
Hokkien: 箍 (kho͘ )
Hakka: 銀 (ngiùn)
Denominations
Subunit
 1⁄10Jiǎo (角)
 1⁄100Fēn (分)
Subunits used only in stocks and currency transactions, and are rarely referred to
Nickname
 Jiǎo (角)Mandarin: 毛 (máo)
Hokkien: 角 (kak)
Hakka: 角 (kok)
 Fēn (分)Hokkien: 仙 (sian)
Hakka: 仙 (siên)
Banknotes$100, $200, $500, $1,000, $2,000
Coins$1, $5, $10, $20, $50
Demographics
Date of introduction15 June 1949
ReplacedOld Taiwan dollar
User(s) Republic of China
Issuance
Central bankCentral Bank of the Republic of China (Taiwan)
 Websitewww.cbc.gov.tw
PrinterCentral Engraving and Printing Plant
 Websitewww.cepp.gov.tw
MintCentral Mint
 Websitewww.cmc.gov.tw
Valuation
Inflation0.85%
 Source[1] 2008–2018
 MethodCPI 10-year average
New Taiwan dollar
Traditional Chinese新臺幣
Simplified Chinese新台币
Transcriptions
Standard Mandarin
Hanyu PinyinXīntáibì
Wade–GilesHsin1-t'ai2-pi4
Hakka
Pha̍k-fa-sṳSîn-thòi-pi
Yue: Cantonese
Yale RomanizationSāntòihbaih
Jyutpingsan1 toi4 bai6
Southern Min
Hokkien POJSin-tâi-pè
Alternative Chinese name
Chinese新臺票
Transcriptions
Hakka
Pha̍k-fa-sṳSîn-thòi-phêu
Yue: Cantonese
Yale RomanizationSāntòihpiu
Southern Min
Hokkien POJSin-tâi-phiò

The New Taiwan dollar[I] (code: TWD; symbol: NT$ or $, also abbreviated as NT or NTD), or the Taiwan dollar, is the official currency of the Republic of China (Taiwan). Usually, the $ sign precedes the amount, but NT$ is used to distinguish from other currencies named dollar. The New Taiwan dollar has been the currency of the island of Taiwan since 1949, when it replaced the old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar.[1] The base unit of the New Taiwan dollar is called a yuan (圓), subdivided into ten jiao (角) or 100 fen (分), although in practice neither jiao nor fen are used.

There are a variety of alternative names for the units in Taiwan. The unit of the dollar is typically informally written with the simpler equivalent character as 元, except when writing it for legal transactions such as at the bank, when it has to be written as the homophonous 圓. Colloquially, the currency unit is called both 元 (yuán, literally "round") and 塊 (kuài, literally "piece") in Mandarin, 箍 (kho͘, literally "hoop") in Hokkien, and 銀 (ngiùn, literally "silver") in Hakka.

The Central Bank of the Republic of China (Taiwan) has issued the New Taiwan Dollar since 2000. Prior to 2000, the Bank of Taiwan issued banknotes as the de facto central bank between 1949 and 1961, and after 1961 continued to issue banknotes as a delegate of the central bank. The central bank began issuing New Taiwan dollar banknotes in July 2000, and the notes issued by the Bank of Taiwan were taken out of circulation.[2]

Terminology

[edit]
Mandarin Taiwanese Hokkien Hakka English Symbol
Currency name Formal 新臺幣 (Xīntáibì) 新臺票 (Sin-tâi-phiò) 新臺幣 (Sîn-thòi-pi) New Taiwan Dollar NTD, TWD
Other 臺幣 (Táibì) 臺票 (Tâi-phiò) 臺幣 (Thòi-pi)
Unit name Formal 圓 (yuán) 箍 (kho͘ ) 銀 (ngiùn), 箍 (khiêu) dollar $
Other 元 (yuán), 塊 (kuài)
1⁄10 Unit name Formal 角 (jiǎo) 角 (kak) 角 (kok) dime 角
Other 毛 (máo)
1⁄100 Unit name 分 (fēn) 仙 (sian) 仙 (siên) cent ¢

The adjective "new" (新) is only added in formal contexts where it is necessary to avoid any ambiguity, even though ambiguity is virtually non-existent today. These contexts include banking, contracts, or foreign exchange. The currency unit name can be written as 圓 or 元, which are interchangeable. They are both pronounced yuán in Mandarin but have different pronunciations in Taiwanese Hokkien (îⁿ, goân) and Hakka (yèn, ngièn). The name 仙 in Taiwanese Hokkien and Hakka for cent is a loanword borrowed from English.

In English usage, the New Taiwan dollar is often abbreviated as NT, NT$, or NT dollar, while the abbreviation TWD is typically used in the context of foreign exchange rates. Subdivisions of a New Taiwan dollar are rarely used since practically all products on the consumer market are sold in whole dollars. Nevertheless, electronic transactions and bank statements can be expressed to 1 fen ($0.01).

History

[edit]

The various currencies called yuan or dollar issued in China, as well as the Japanese yen, were all derived from the Spanish American silver dollar, which China imported in large quantities from Spanish America through Spanish Philippines in the Manila–Acapulco Galleon Trade from the 16th to 20th centuries. After the use of the Spanish dollar and silver Chinese yuan in Taiwan, it issued the Taiwanese yen in 1895, followed by the Old Taiwan dollar in 1946.

The Bank of Taiwan first issued the New Taiwan dollar on 15 June 1949 to replace the Old Taiwan dollar at a ratio of 40,000 to one. The first goal of the New Taiwan dollar was to end the hyperinflation that had plagued Nationalist China due to the Chinese Civil War.

After the communists captured Beijing in January 1949, the Nationalists began to retreat to Taiwan. The government then declared in the Temporary Provisions Effective During the Period of Communist Rebellion that dollars issued by the Bank of Taiwan would become the new currency in circulation.[3]

Even though the New Taiwan dollar was the de facto currency of Taiwan, statutes after 1949 still define the silver yuan or silver dollar as the legal currency, worth NT$3.[4] Many older statutes have fines and fees given in silver yuan. Its value of NT$3 has not been updated despite decades of inflation, making the silver yuan a purely notional currency a long time ago, inconvertible to actual silver.

When the Temporary Provisions were made ineffective in 1991, the ROC lacked a legal national currency until the year 2000, when the Central Bank of China (CBC) replaced the Bank of Taiwan in issuing NT bills.[3] In July 2000, the New Taiwan dollar became Taiwan's legal currency. It is no longer secondary to the silver yuan. At this time, the central bank began issuing New Taiwan dollar banknotes, and the notes issued earlier by the Bank of Taiwan were taken out of circulation.

The exchange rate compared to the United States dollar has varied from less than ten to one in the mid-1950s, more than forty to one in the 1960s, and about twenty–five to one in 1992. The exchange rate as of 10 September 2025 is NT$30.31 per US$.[5]

Coins

[edit]

The denominations of the New Taiwan dollar in circulation are:

Currently Circulating Coins
Image Value Technical parameters Description Date of
Diameter Weight Composition Obverse Reverse first minting issue
[2] 50¢ (NT$0.5) 18 mm 3 g 97% copper
2.5% zinc
0.5% tin 		Mei Blossom, "中華民國XX年"[6] Value 1981
(Minguo year 70) 		1981-12-08[7]
[3] NT$1 20 mm 3.8 g 92% copper
6% nickel
2% aluminium 		Chiang Kai-shek, "中華民國XX年" 1981-12-08[7]
[4] NT$5 22 mm 4.4 g Cupronickel
75% copper
25% nickel 		Chiang Kai-shek, "中華民國XX年" Value 1981
(Minguo year 70) 		1981-12-08[7]
[5] NT$10 26 mm 7.5 g
Chiang Kai-shek, "中華民國XX年" (1981–2011)
Sun Yat-sen, "中華民國XX年" (2012–present) 		Value, continuous hidden words "國泰", "民安", continuous hidden Taiwan island and Mei Blossom in "0" 2011
(Minguo year 100) 		2011-01-11[7]
[6] NT$20 26.85 mm 8.5 g Bi-metallic:
Ring: Aluminium bronze (as $50)
Centre: Cupronickel (as $10) 		Mona Rudao, "莫那魯道",[8] "中華民國XX年" Traditional canoes used by the Tao people 2001
(Minguo year 90) 		2001-07-09
[7] NT$50 28 mm 10 g Aluminium bronze
92% copper
6% aluminium
2% nickel 		Sun Yat-sen, "中華民國XX年" Latent images of both Chinese and Arabic numerals for 50 2002
(Minguo year 91) 		2002-04-26[9]

Coins are minted by the Central Mint, while notes are printed by the Central Engraving and Printing Plant. Both are run by the Central Bank. The 50¢ coin is rare because of its low value, while the NT$20 coin is rare because of the government's lack of willingness to promote it.[citation needed] As of 2010, the cost of the raw materials in a 50¢ coin was more than the face value of the coin.

Banknotes

[edit]

Exchange rates

[edit]
Current TWD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[14]
Currency ISO 4217
code 		Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
U.S. dollar USD 88.3% 88.5% Increase 0.2pp
Euro EUR 32.3% 30.5% Decrease 1.8pp
Japanese yen JPY 16.8% 16.7% Decrease 0.1pp
Pound sterling GBP 12.8% 12.9% Increase 0.1pp
Renminbi CNY 4.3% 7.0% Increase 2.7pp
Australian dollar AUD 6.8% 6.4% Decrease 0.4pp
Canadian dollar CAD 5.0% 6.2% Increase 1.2pp
Swiss franc CHF 4.9% 5.2% Increase 0.3pp
Hong Kong dollar HKD 3.5% 2.6% Decrease 0.9pp
Singapore dollar SGD 1.8% 2.4% Increase 0.6pp
Swedish krona SEK 2.0% 2.2% Increase 0.2pp
South Korean won KRW 2.0% 1.9% Decrease 0.1pp
Norwegian krone NOK 1.8% 1.7% Decrease 0.1pp
New Zealand dollar NZD 2.1% 1.7% Decrease 0.4pp
Indian rupee INR 1.7% 1.6% Decrease 0.1pp
Mexican peso MXN 1.7% 1.5% Decrease 0.2pp
New Taiwan dollar TWD 0.9% 1.1% Increase 0.2pp
South African rand ZAR 1.1% 1.0% Decrease 0.1pp
Brazilian real BRL 1.1% 0.9% Decrease 0.2pp
Danish krone DKK 0.6% 0.7% Increase 0.1pp
Polish złoty PLN 0.6% 0.7% Increase 0.1pp
Thai baht THB 0.5% 0.4% Decrease 0.1pp
Israeli new shekel ILS 0.3% 0.4% Increase 0.1pp
Indonesian rupiah IDR 0.4% 0.4% Steady
Czech koruna CZK 0.4% 0.4% Steady
UAE dirham AED 0.2% 0.4% Increase 0.2pp
Turkish lira TRY 1.1% 0.4% Decrease 0.7pp
Hungarian forint HUF 0.4% 0.3% Decrease 0.1pp
Chilean peso CLP 0.3% 0.3% Steady
Saudi riyal SAR 0.2% 0.2% Steady
Philippine peso PHP 0.3% 0.2% Decrease 0.1pp
Malaysian ringgit MYR 0.2% 0.2% Steady
Colombian peso COP 0.2% 0.2% Steady
Russian ruble RUB 1.1% 0.2% Decrease 0.9pp
Romanian leu RON 0.1% 0.1% Steady
Peruvian sol PEN 0.1% 0.1% Steady
Other currencies 2.0% 2.4% Increase 0.4pp
Total[a] 200.0% 200.0%

See also

[edit]

Notes

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

New Taiwan dollar

View on Grokipedia
from Grokipedia
The New Taiwan dollar (Chinese: 新臺幣; sign: NT$; ISO 4217 code: TWD) is the official currency and of the Republic of China, commonly known as , issued exclusively by the of the Republic of China (). It was introduced on 15 June 1949 through currency reform promulgated by the , replacing the hyperinflationary at an of 1 new dollar to 40,000 old dollars to stabilize the economy following post-war monetary chaos. The currency is subdivided into 100 cents (Chinese: 分), though cent-denominated coins have not circulated since the due to low-value transactions favoring whole dollars. Current circulating denominations include banknotes of NT$100, NT$200, NT$500, NT$1,000, and NT$2,000, featuring designs that highlight Taiwanese cultural heritage, indigenous flora and fauna, and historical sites, with issuance authority transferred to the from the in 2000 to centralize . The New Taiwan dollar has maintained relative stability since its inception, supported by Taiwan's export-driven economy and prudent central banking, serving as a key indicator of the island's financial resilience amid geopolitical tensions.

History

Origins and Hyperinflation Context

The retrocession of Taiwan to Republic of China control in November 1945 introduced the Old Taiwan Dollar as the primary currency, initially pegged to the mainland's silver yuan amid postwar economic disruption. However, the plaguing —fueled by excessive wartime money printing, fiscal deficits, and the —rapidly spilled over to the island through and imported inflationary pressures, with wholesale prices in rising over 300-fold between 1945 and mid-1949. This exported mainland instability eroded public confidence, as inflows of depreciating yuan notes and speculative exacerbated local price surges, doubling every few months by 1948. To arrest this spiral, the promulgated regulations on June 15, 1949, authorizing the to issue the New Taiwan Dollar (NTD) at an of 1 NTD to 40,000 Old Taiwan Dollars, effectively slashing the money supply and reanchoring value to gold reserves and government assets. The reform froze large deposits, liquidated excess banknotes, and imposed strict issuance limits tied to foreign exchange and commodities, aiming to sever ties with mainland fiscal chaos as the prepared its retreat. This drastic curbed immediate , reducing the monthly rate from triple digits to single digits within a year, though lingering effects persisted until broader stabilization measures in the early 1950s. The origins of the NTD thus reflect a causal response to imported hyperinflation, where unchecked monetary expansion on the mainland—money supply growing 10,000-fold from 1937 to 1949 without corresponding output—threatened Taiwan's relatively intact postwar , prompting a localized reset to preserve fiscal . Unlike the mainland's failed gold yuan scheme of , which collapsed amid continued deficit financing, Taiwan's approach prioritized asset backing and spending restraint, averting total monetary collapse.

Introduction and Early Reforms (1949–1950s)

The New Taiwan dollar (NT)wasintroducedonJune15,1949,whenthe[TaiwanProvincialGovernment](/page/TaiwanProvincialGovernment)promulgatedthe"RegulationsGoverningtheIssuanceoftheNewTaiwanDollar,"authorizingthe[BankofTaiwan](/page/BankofTaiwan)toreplacethe[OldTaiwandollar](/page/OldTaiwandollar)atanexchangeratioof1NT) was introduced on June 15, 1949, when the [Taiwan Provincial Government](/page/Taiwan_Provincial_Government) promulgated the "Regulations Governing the Issuance of the New Taiwan Dollar," authorizing the [Bank of Taiwan](/page/Bank_of_Taiwan) to replace the [Old Taiwan dollar](/page/Old_Taiwan_dollar) at an exchange ratio of 1 NT to 40,000 Old Taiwan dollars. This reform addressed that had accelerated in since 1945, following the Republic of China government's takeover from Japanese colonial rule, with wholesale prices in rising over 300 times by mid-1949 due to imported inflationary pressures from , capital flight, fixed overvalued exchange rates, and deficit financing. The , originally the Japanese Taiwan yen revalued post-1945, had lost value rapidly, prompting the need for a fresh to restore monetary stability amid the ongoing . Initial NT$ banknotes, issued by the , comprised denominations of 1, 5, 10, and 50 cents, as well as 1, 5, and 10 dollars, backed primarily by gold and to build public confidence and curb further depreciation. The currency was pegged to the US dollar, with an initial effective rate reflecting the reform's scale, though exact parity varied with market conditions. The measure temporarily halted the hyperinflationary spiral, reducing monthly rates from triple digits, but fiscal strains intensified after the Nationalist government's full retreat to in December 1949, which flooded the island with military personnel, refugees, and unbalanced budgets leading to continued note issuance. In the early , complementary reforms focused on realignments and monetary controls to solidify the NT$'s value. By March 1950, the official rate was adjusted to NT$7.50 per $1, followed by further tweaks in April to align with black-market realities and curb , stabilizing at a fixed peg from July 1950 onward supported by aid inflows and tighter fiscal policies. These steps, alongside broader economic measures like import substitution and land reforms, reduced annual to single digits by the mid-, laying groundwork for export-led growth. No coins were issued until later, with banknotes dominating circulation during this transitional phase.

Stabilization and Modernization (1960s–1990s)

During the 1960s, the Central Bank of the Republic of China (Taiwan) prioritized currency stabilization by employing interest rate ceilings and foreign exchange controls to channel domestic savings into priority sectors like manufacturing and infrastructure, amid Taiwan's agricultural-to-industrial shift. These measures supported low , which remained notably stable even as real GDP growth exceeded 10% annually, averting the price spirals seen in less controlled economies. The New Taiwan dollar's external value was anchored via a fixed peg to the US dollar, initially set near 40 NT$ per USD, which insulated the domestic economy from imported shocks while fostering export competitiveness through predictable trade financing. Into the 1970s, amid global oil crises, the adjusted the toward a managed float starting in , allowing limited flexibility while intervening to curb volatility and accumulate reserves for cover. Regular purchases of foreign exchange inflows helped maintain the NT$'s stability, aligning with export-driven accumulation of dollars and preventing domestic overheating. control persisted through selective credit allocation, with annual rates held below 10% despite external pressures, enabling sustained without eroding . The 1980s marked modernization through gradual financial liberalization, as the phased out interest rate controls beginning in 1980, first for time deposits, to enhance market efficiency and . A was established in 1976, followed by a in 1979, reducing reliance on administrative directives and promoting deeper financial intermediation. Trade-related were abolished in , with full removal of exchange restrictions by , shifting toward market-determined rates while retaining intervention to smooth appreciatory pressures from surpluses. This deregulation, culminating in the 1989 revised Banking Law, transitioned from rigid controls to indirect tools like operations, bolstering resilience against the through accumulated reserves exceeding $80 billion by decade's end. Coinage saw incremental updates for circulation efficiency, with aluminum 1 NT$ coins introduced in the late to replace for high-denomination transactions, though broader physical redesigns remained limited until later series. Overall, these policies embedded causal links between monetary restraint and incentives, driving Taiwan's from under $200 in 1960 to over $10,000 by 1990 without recurrent devaluations.

Shift to National Currency and Central Bank Control (2000–Present)

In July 2000, the of the Republic of China (CBC) assumed exclusive authority for issuing the New Taiwan dollar (NTD), transferring this responsibility from the , which had handled issuance since 1949. This institutional shift, effective , marked the NTD's transition from a provincial or regional currency to Taiwan's sole national , formally ending the silver yuan's parallel legal status—a remnant of pre-1949 mainland practices that had persisted despite the NTD's dominance. The change streamlined monetary operations, enhancing the CBC's direct control over and aligning issuance with national objectives. To support the transition, the CBC launched the fifth series of NTD banknotes on July 3, 2000, in denominations of NT$100, NT$200, NT$500, NT$1,000, and NT$2,000, incorporating advanced security features such as optically variable ink, , and intaglio printing to combat counterfeiting. These notes shifted designs toward broader national symbols and natural landscapes, reflecting Taiwan's evolving identity, while coins remained unchanged in core denominations (NT$0.5, NT$1, NT$5, NT$10, NT$20, NT$50). Issuance volumes have since been calibrated to economic demand, with higher-denomination notes comprising over 80% of circulating value by 2014 due to rising transaction scales. Under CBC stewardship, has prioritized , employing tools including discount rate adjustments, required reserve ratios, and operations to manage and , which has averaged below 2% annually since 2000. The bank maintains a managed regime for the NTD against the U.S. dollar, conducting interventions via —accumulated to over NT$16 trillion (approximately US$500 billion) by 2023—to mitigate volatility from trade imbalances and capital flows, rather than targeting a fixed peg. This framework supported recovery from the 2000-2001 global downturn and subsequent shocks like the , where the CBC lowered rates to 1.25% and injected , fostering GDP rebound to 10.6% growth in 2010. In the and , CBC control has emphasized resilience amid geopolitical tensions and shifts, with interventions curbing NTD appreciation during export booms—such as a 3% surge in May 2025 amid U.S.- thaw expectations—and maintaining steady policy amid low . The Act, revised in 2000 and later, underpins operational independence, insulating decisions from fiscal pressures while mandating coordination with the on major objectives. This era has seen sustained forex reserve growth, enabling buffers against external shocks without resorting to , unlike some peers.

Physical Characteristics

Coins

The circulating coins of the New Taiwan dollar consist of denominations valued at 1, 5, 10, and 50 dollars, issued by the Central Mint of the Republic of China under the authority of the Central Bank of the Republic of China (Taiwan). These coins feature designs emphasizing national symbols, historical figures, and elements of Taiwanese heritage, with obverses typically bearing portraits of Republic of China founders such as or , and reverses depicting , , or cultural motifs. Materials are selected for durability and cost efficiency, primarily aluminium-bronze and alloys, with specifications standardized to facilitate compatibility and anti-counterfeiting.
DenominationCompositionDiameter (mm)Weight (g)EdgeFirst Issued
NT$1Aluminium-bronze203.8PlainDecember 8, 1981
NT$5 (75% , 25% )224.4Reeded1982
NT$10 (75% , 25% )267.5Milled1981 (updated designs in 2010–2011)
NT$50Aluminium-bronze (92% , 6% aluminium, 2% )2810ReededApril 26, 2002 (circulation version; earlier prototypes in )
The NT$1 coin obverse displays a portrait of surrounded by the inscription "Republic of China" in , with the reverse featuring the denomination and a millet plant, symbolizing agricultural heritage. The NT$5 coin similarly portrays on the obverse and a plum blossom on the reverse, representing resilience. For the NT$10, recent issues commemorate events such as the Republic of China's centenary with 's portrait on the obverse and a Mikasa-class or similar motifs on the reverse to evoke historical significance. The NT$50 coin obverse centers on , with the reverse showing a , Taiwan's , underscoring indigenous . markings for the blind are incorporated on higher denominations like the NT$10 and NT$50 for . Coin issuance began in the early 1980s to replace paper notes for small transactions amid economic growth and to reduce production costs, with the NT$1 introduced on December 8, 1981, followed by the NT$5 and NT$10 shortly thereafter. The NT$50 entered general circulation on April 26, 2002, after testing, to handle rising transaction volumes in a modernizing economy. Updates to designs, such as the 2010–2011 NT$10 series, reflect commemorative purposes while maintaining core specifications for interoperability. Lower-value coins like the 50-cent bronze piece, issued historically but weighing 3 grams with an 18 mm diameter, have largely withdrawn from circulation due to negligible usage in daily commerce. Commemorative variants, including bimetallic NT$20 coins with aluminium-bronze rings and cupronickel cores (26.85 mm diameter), exist but are not standard for everyday use. All coins bear mint marks and year dates in the Republic of China calendar, ensuring traceability.

Banknotes

The New Taiwan dollar banknotes in circulation are issued by the and belong to the fifth series, introduced progressively from 2000 onward. These banknotes replaced those previously issued by the , with the transition completing in July 2000 when Central Bank notes became the sole . The series emphasizes anti-counterfeiting measures, practical usability, and designs reflecting 's local culture, history, natural environment, and indigenous elements. Denominations include NT$100, NT$200, NT$500, NT$1,000, and NT$2,000, with the NT$200 and NT$2,000 notes less commonly encountered in everyday transactions despite their legal status.
DenominationSize (mm)Primary ColorObverse DesignReverse Design
NT$100145 × 70RedPortrait of Sun Yat-senChung-Shan Building in Taipei
NT$200150 × 70GreenPortrait of Chiang Kai-shekCentral Cross-Road Round-About in Taipei
NT$500150 × 70BrownIndigenous orchid (Phalaenopsis aphrodite) and Taiwan blue magpieSecurity elements including bamboo motifs visible under light
NT$1,000160 × 70BlueSika deer and Formosan black bearPlum blossoms and Taiwan white-eye bird
NT$2,000165 × 70PurpleMikasa orchidSatellite imagery of Taiwan island
Security features across the series include watermarks (such as floral patterns and denomination numerals visible when held to light), security threads, microprinting, latent images, color-shifting inks, and intaglio printing for tactile verification. These elements deter counterfeiting, with the Central Bank periodically updating production techniques to maintain integrity. In October 2025, the Central Bank announced plans for a sixth series redesign after 24 years, aiming to incorporate advanced dynamic security features like motion effects and color-shifting elements, improve accessibility for the visually impaired, use more eco-friendly materials, and potentially exclude portraits of political figures such as Sun Yat-sen and Chiang Kai-shek to reflect evolving societal preferences. The redesign process involves public input and legislative review, with no timeline specified for issuance.

Security and Anti-Counterfeiting Features

The New Taiwan Dollar banknotes in circulation, part of the fifth series issued since 2000, incorporate multiple layered security features to deter counterfeiting. Intaglio printing applies raised ink on portraits, denominations, and floral motifs, which can be felt by touch and resists replication by standard printers. Watermarks depicting denomination numerals and national flowers, such as plum blossoms on the NT$100 note, become visible when held against , formed during the papermaking process for inherent authenticity. Optical variable ink on the denomination numeral shifts color—typically from to —when the note is tilted, exploiting interference difficult to mimic without specialized materials. Additional overt and covert elements enhance verification. Windowed security threads, partially embedded and visible as metallic strips under , bear microprinted text like "NT$" repeating along their length. Latent images and texts, such as denomination figures appearing when viewed at a 45-degree , rely on precise alignment. Holographic optical variable device (OVD) foils on higher denominations display shifting colors and patterns under movement, while metallic and fluorescent inks glow under , revealing hidden patterns invisible in normal conditions. Tactile marks, including raised denomination indicators, aid visually impaired users in identification. Coins feature simpler but effective anti-counterfeiting measures suited to their metallic composition. Latent images, such as concealed maps of or characters on the NT$10 reverse, emerge under angled light or magnification, complicating forgery. Tactile embossed dots on the reverse denote value for the visually impaired, with one dot for NT$10, increasing incrementally for higher denominations. Reeded or inscribed edges with micro-lettering provide tamper resistance and aid in automated sorting. In October 2025, the announced a forthcoming redesign of banknotes to incorporate advanced dynamic color-shifting and motion effects, reflecting ongoing evolution amid counterfeiting risks after 24 years of the current series.

Economic Role

Integration with Taiwan's Export-Driven Economy

Taiwan's economy is predominantly export-oriented, with merchandise exports accounting for approximately 60-70% of GDP in recent years and serving as the primary engine of growth since the . Key export sectors include semiconductors, electronic components, machinery, and plastics, with major trading partners encompassing , the , and countries; for instance, U.S.-bound exports rose nearly 63% year-over-year to $18.6 billion in 2025. The New Taiwan Dollar (NTD) facilitates this model by enabling competitive pricing in international markets, as a stable or modestly depreciated lowers the foreign-currency cost of Taiwanese goods, bolstering demand amid global competition. The Central Bank of the Republic of China (Taiwan), or CBC, integrates NTD management directly with dynamics through a managed regime, where primarily determine the rate but are supplemented by interventions to curb excessive appreciation. Such appreciation, driven by surpluses and capital inflows, erodes competitiveness by inflating the of Taiwanese products abroad; for example, a 3.8% NTD surge against the U.S. on May 2, 2025—the sharpest single-day gain since 1988—prompted exporter concerns over reduced margins, particularly in electronics destined for . CBC officials have emphasized monitoring these movements to maintain stability, aligning with needs while avoiding U.S. designations as a currency manipulator, as Taiwan met two of three relevant criteria in 2024 with a $74 billion surplus vis-à-vis the U.S. Persistent trade surpluses from export strength generate substantial foreign exchange inflows, which the CBC accumulates as reserves to moderate NTD volatility and support future interventions. Taiwan's reserves reached a record $602.94 billion in September 2025, up from $597.43 billion the prior month, reflecting robust performance amid global for semiconductors and related . This reserve buildup enables sterilization of inflows—offsetting domestic impacts—to prevent inflationary pressures that could undermine -led growth, while also providing a buffer against external shocks. In essence, NTD policy prioritizes sustainability, with recent surges exacerbating currency pressures but underscoring the currency's role in sustaining Taiwan's surplus, which hit $6.5 billion in February 2025.

Monetary Policy and Inflation Control

The of the of () formulates to achieve , equilibrium, and support for sustainable , as mandated by the Central Bank Act. While not adhering to explicit , the bank employs a flexible framework that monitors multiple indicators, including () growth, CPI forecasts, and output gaps, to guide decisions. This approach prioritizes low and stable inflation, typically aiming to keep CPI growth below 2% amid Taiwan's export-oriented economy, where external demand fluctuations pose risks to domestic prices. Key tools include adjustments to the rediscount rate, which influences short-term market rates; changes in reserve requirements to regulate bank lending capacity; and operations to manage . Reserve requirements, for instance, were raised in June 2024 to curb excessive growth in property sectors, thereby dampening potential inflationary pressures from asset bubbles without altering the benchmark rate. The bank also deploys and targeted controls, such as loan-to-value limits, to address sector-specific overheating. These measures have historically constrained expansion, with growth targeted around 3-5% annually to align with nominal GDP. Taiwan's has remained subdued, averaging 1.3% annually over the decade to 2024, reflecting effective restraint and structural factors like high in exports. In response to post-pandemic pressures, the hiked rates in 2022-2023—the first increases since 2011—when CPI approached 3%, successfully moderating imported energy costs and wage pressures. By September 2025, CPI eased to 1.25% year-over-year, prompting the to hold the discount rate at 2% while forecasting full-year CPI at 1.81%, down from 2.18% in 2024. Such proactive tightening, combined with ample foreign reserves exceeding $580 billion, has insulated the New Taiwan dollar from inflationary spirals observed elsewhere. Critics, including former officials, argue the framework's reliance on eclectic indicators can appear opaque, potentially delaying responses to emerging risks like global disruptions. Nonetheless, empirical outcomes demonstrate robust control, with core CPI (excluding food and energy) averaging under 2% since the , underscoring the of integrating monetary tightening with fiscal in maintaining the New dollar's stability.

Exchange Rates and Market Dynamics

The New Taiwan dollar (NTD) was introduced on June 15, 1949, amid efforts to curb from the preceding era, with an initial exchange rate against the US dollar (USD) reflecting economic stabilization efforts, though precise early figures varied with controlled pegs starting around 18-20 NTD per USD in the early before gradual . Through the to mid-1970s, the Central Bank of the Republic of maintained a fixed peg, allowing controlled to support competitiveness amid Taiwan's industrialization; by 1970, the rate reached 40 NTD per USD, holding steady through the early before minor adjustments to 38.25 by 1973. From 1979 to 1985, annual averages fluctuated modestly between 36.02 and 40.06 NTD per USD, reflecting stability under the peg amid oil shocks and global . A pivotal shift occurred in the late 1980s, driven by Taiwan's export-led trade surpluses—particularly with the —and accumulation of foreign reserves exceeding $70 billion by , prompting US pressure for to address bilateral imbalances. The NTD appreciated sharply from 39.85 NTD per USD in 1985 to 37.82 in 1986 and 31.77 in , with the intervening to cap daily gains at approximately 0.01 NTD to mitigate export sector disruptions; this culminated in a 37% cumulative appreciation from 1986 to 1992, reaching a record strength of 24.77 NTD per USD in 1992. The appreciation reflected causal dynamics of reserve inflows and policy responses rather than speculative bubbles, though it strained labor-intensive industries, accelerating a shift to higher-value . Post-1992, the NTD transitioned to a managed floating regime, experiencing depreciation pressures from global events. During the , authorities permitted a 10% on October 17, 1997—despite ample reserves—to maintain competitiveness, resulting in a modest overall weakening to around 33-34 NTD per USD by late 1998, far less severe than neighbors like or due to prudent fiscal buffers and limited . Subsequent volatility included appreciation to near 32 NTD per USD in the early , followed by weakening to 35.28—the historical peak—amid the 2008 global financial crisis, before stabilizing in the 30-33 range through the 2010s as emphasized control over rigid targeting. Annual averages from the confirm this: 29.46 in 2020, strengthening to 27.94 in 2021 amid USD weakness, then depreciating to 32.11 by 2024, influenced by tech export booms and interest rate differentials.
PeriodKey NTD/USD Annual AverageTrend Driver
1970-1975~40Fixed peg, export support
198539.85Pre-appreciation stability
198731.77Trade surplus-induced appreciation
1992~24.77 (monthly low)Peak strength post-revaluation
1997-1998~33-34
2023-202431.15 to 32.11Managed float amid global rates

Management Regime and Interventions

The , Taiwan's monetary authority, oversees the New Taiwan dollar (NTD) under a managed regime, where the currency's value is principally determined by market in the , but subject to CBC intervention to preserve orderly conditions and mitigate excessive fluctuations. This framework was formalized in February 1979 upon the market's establishment, transitioning from prior fixed-rate mechanisms to allow greater flexibility while enabling the CBC to counteract speculative attacks or disorderly trading. Capital account transactions are fully liberalized, with no restrictions on most conversions involving the NTD, supporting the regime's market-oriented foundation. CBC interventions typically occur in the spot , primarily against the US dollar, to stabilize the NTD amid volatility driven by Taiwan's export-heavy economy, trade imbalances, or global capital flows; these actions aim to prevent sharp appreciations or depreciations that could undermine competitiveness or import costs. The bank has statutory obligations under the Central Bank Act to safeguard stability alongside , often employing direct purchases or sales of foreign currencies from its substantial reserves, managed with priorities of , , and yield. Interventions are calibrated to avoid signaling a fixed peg, instead fostering gradual adjustments, as evidenced by empirical analyses showing CBC responses to deviations from fundamentals. Notable opacity surrounds some operations, including "shadow" interventions via non-delivered forwards, swaps with domestic institutions like life insurers, or markets, which are not publicly disclosed and have been estimated to total over $130 billion in recent years to influence NTD valuation without transparent reserve drawdowns. In April 2025, the CBC affirmed its readiness to intervene as needed to ensure forex stability amid potential pressures, though it refrained from heavy action during the NTD's sharp appreciation in early May 2025, prioritizing market mechanisms over aggressive defense. Large-scale interventions risk international scrutiny, such as Treasury labeling a currency manipulator, prompting cautious calibration to balance domestic stability with external perceptions. Academic proxies derived from press reports confirm interventions' effectiveness in moderating USD/NTD movements, though their scale and frequency remain subject to the CBC's discretionary judgment rather than predefined bands.

Recent Volatility and Developments (2023–2025)

In 2023, the New Taiwan dollar (TWD) experienced modest appreciation against the US dollar (USD), with the USD/TWD exchange rate declining by approximately 0.23% over the year, reflecting Taiwan's persistent trade surplus and robust semiconductor exports amid global demand recovery. The Central Bank of the Republic of China (Taiwan) (CBC) maintained its managed float regime, intervening sporadically to curb excessive fluctuations, as stated in its October 2023 policy announcement to preserve financial stability during periods of "extreme" volatility. This stability supported Taiwan's export-driven economy, which grew by around 1.3% in real GDP terms, buoyed by electronics shipments despite global supply chain pressures. The TWD faced pressures in late , with the USD/TWD rate rising as the USD strengthened globally due to sustained US Federal Reserve interest rate hikes and Taiwan's moderating export growth. CBC interventions involved selling USD reserves to support the TWD, contributing to a year-end decline in to $576.677 billion, down $1.297 billion from . Despite this, Taiwan's expanded by an estimated 4.84% in real GDP, driven by AI-related demand for advanced chips, though volatility amplified risks for exporters sensitive to shifts. Early 2025 marked heightened volatility, with the TWD appreciating sharply—reaching a three-year high of USD/TWD 30.716 by mid-year—fueled by massive capital inflows exceeding $14.1 billion in Q2 and surging foreign in Taiwan's tech sector amid global AI expansion. A dramatic 10% surge occurred in early May, prompting CBC interventions to limit appreciation and protect export competitiveness, which elevated reserves to a record high by end-. By late , the rate had strengthened beyond 29 TWD per USD, with fluctuations becoming more frequent and pronounced, as noted in analyses of market dynamics. Subsequent months saw reversal, with the TWD weakening to a three-month low in August due to capital outflows, renewed USD strength from US policy expectations, and adjustments in global risk sentiment. By October 24, , USD/TWD stood at 30.8480, up 0.27% daily and reflecting a net 5.82% of the TWD for the year to date, though overall appreciation trends persisted amid polarized forecasts. CBC continued interventions, boosting reserves to $602.94 billion by end-September, while emphasizing forex stability in April and June statements aligned with international scrutiny. These developments underscored the TWD's sensitivity to Taiwan's trade imbalances, with 2025 GDP growth projected at 3.10% but vulnerable to risks and cross-strait tensions. As of early 2026, the mid-market exchange rate is approximately 1 TWD = 0.03162 USD, equivalent to 100,000 TWD ≈ 3,162 USD.

Political and International Dimensions

The New Taiwan Dollar (NTD), designated as 新臺幣 (xīntáibì), serves as the sole for all public and private payments within the territory of the , encompassing , , , Matsu, and other administered islands. Under the of the Act and related regulations, NTD banknotes and coins issued by the hold unlimited status, obligating acceptance in transactions without limitation as to amount. Prior to 2000, issuance was managed by the as a provincial-level currency, but the "Regulations Governing the Issuance of New Taiwan Dollars by the of ," effective January 26, 2000, centralized authority with the , elevating its status to national currency while maintaining its de facto role as the primary since 1949. The terminology "New Taiwan Dollar" originated on June 15, 1949, when the reformed the system amid postwar , replacing the at an exchange rate of 1 new unit to 40,000 old units to stabilize the economy and curb monetary expansion. This prefix "new" explicitly distinguished the reformed from its immediate predecessor, the (introduced in 1946 under ROC administration to supplant Japanese-issued yen during retrocession), reflecting a pragmatic response to fiscal instability rather than broader ideological shifts. In domestic contexts, the "New" qualifier has gradually receded in colloquial and commercial usage, with residents and businesses routinely employing "Taiwan Dollar" (台幣, táibì) or the NT$ for everyday reference, as evidenced in retail pricing, financial reporting, and official Taiwanese government communications. Nonetheless, the full official name persists in legal statutes, documentation, and international representations of the ROC to preserve historical continuity and precision. This evolution aligns with the 's transition from regional to national instrument, without substantive alterations to its intrinsic designation post-2000 centralization.

Cross-Strait Controversies and PRC Claims

The (PRC) asserts that constitutes an inalienable part of its territory under the one-China principle, with the PRC government as the sole legitimate representative of China, thereby rejecting the authority of the Republic of China (ROC) in to issue and manage a separate national currency. This position frames the New Taiwan Dollar (NTD), issued by the Central Bank of the Republic of China since 1949, as an illegitimate instrument of what the PRC terms "Taiwan secessionist forces," symbolizing division rather than unity under the (RMB). PRC and officials consistently portray Taiwan's distinct monetary system as evidence of separatism, incompatible with eventual reunification, though no formal PRC explicitly bans or voids the NTD. In cross-strait economic interactions, the PRC tolerates NTD circulation alongside RMB for pragmatic trade purposes— reached $230.8 billion in , often settled in both currencies—but promotes RMB internationalization in as a step toward integration. A 2013 enabled direct RMB clearing and settlement in , facilitating offshore RMB business and reducing reliance on third-party currencies, yet this drew in over potential erosion of financial and increased vulnerability to PRC economic coercion. Taiwanese opponents, including elements within the , argued that expanding RMB usage could undermine the NTD's role and signal acquiescence to Beijing's claims, leading to domestic protests and legislative of related agreements. Under the PRC's proposed "" framework for —outlined in official policy statements—the territory would retain a high degree of autonomy similar to Hong Kong's model, where the persists despite ultimate PRC . However, PRC commentary implies long-term convergence toward RMB dominance post-unification, with the NTD potentially phased out to eliminate symbols of division; speculative analyses suggest military reunification would accelerate this replacement, while peaceful means might allow transitional . Such assertions fuel cross-strait tensions, as Taiwan's government defends the NTD as essential to its economic and resilience against external pressures.

International Recognition and Usage

The New Taiwan dollar (TWD) is designated under the international standard with the currency code TWD, facilitating its identification and use in global financial systems, including messaging for cross-border payments. This standardization enables seamless integration into international banking and trade documentation, despite Taiwan's limited formal by most member states. The currency's supports its role in transactions without significant restrictions, as non-residents and investors can freely engage in TWD dealings through authorized institutions. In , the TWD serves as a settlement currency for transactions involving , which maintains a substantial export-oriented economy; foreign banking institutions operating in Taiwan are permitted to provide services denominated in TWD, including letters of credit and export financing. Daily foreign exchange turnover for TWD pairs, particularly against the dollar, reflects active participation in global forex markets, driven by Taiwan's and exports. However, the TWD is not outside Taiwan and lacks widespread acceptance as a abroad, with travelers and expatriates typically exchanging it for local currencies rather than using it directly for payments. Central banks and hold limited TWD reserves compared to major currencies like the US dollar, owing to Taiwan's and geopolitical sensitivities; nonetheless, the currency's stability and Taiwan's exceeding $500 billion as of mid-2025 underpin confidence in its international usability for hedging and investment purposes. PRC assertions over do not impede practical financial recognition of the TWD in multilateral forums like the , where Taiwan participates as "Chinese Taipei" and settles obligations in convertible currencies including TWD equivalents.

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