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Technical Sales: Tracy Lee Once we have received sufficient information, we will provide a quotation within a week. If the quotation is acceptable, We will have a sample made and shipped to required destination. Upon approval of sample, we will have the product made and shipped. The time from acceptance of quotation until receipt of sample is usually 2-4 weeks. The time from approval of sample until receipt of production for the first order is usually 120-150 days.Subsequent orders are usually 70-100 days.

Contact info:
Tracy A. Lee

111 NE 11th Street   Map
Grand Prairie, TX 75050
Tel: (972) 602-1478
Fax: (972) 660-2845
tlee@firstexind.com

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News from the Import Industry

April 07, 2008

CBC Issues Over NT$4 Trillion in NCDs to Curb Inflation

Taipei, April 2, 2008 (CENS)--In a bid to mop up hot money-induced excessive liquidity on the market and alleviate inflationary pressure, the Central Bank of China (CBC) has issued massive amount of negotiable certificates of deposits (NCDs), with its outstanding amount having broken the NT$4 trillion mark, inflicting heavy interest burden on the CBC.

The CBC has issued over NT$600 billion of NCDs so far this year, boosting the outstanding amount to NT$4,069.5 billion, and is scheduled to float another NT$100 billion of NCDs, with a 364-day term, on April 8.

The increasing NCD issuance is meant to absorb excessive liquidity, caused by conversion of inward-remitted hot money into NT dollars.

Meanwhile, the CBC announced yesterday (April) to raise the interest rate on NCDs by 0.02 of a percentage point, much lower than hike of 0.125 of a percentage point for policy interest rate instituted by CBC`s board of directors on March 27. As a result, annual interest rates of NCDs for 30-, 91-, and 182-day terms advanced to 2.06%, 2.15%, and 2.25%, respectively.

The latest hike on NCD interest rate is much lower than the scale following hikes by policy interest rates by the CBC in the past, when the scale for the former mostly reached 0.06-0.08 of a percentage point in response to hike of 0.125 of a percentage point for policy interest rates. Over the past three and a half years, the CBC has raised policy interest rates by a total of 2.125 percentages points, compared with 0.75 of a percentage point for NCD interest rate.

The lower hike for NCD interest rate reflects effort of CBC to alleviate its burden for paying out NCD interests, which now reaches NT$90 billion annually, compared with NT$53 billion more than three years ago, when the CBC began to raise interest rates.

(by Philip Liu)

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