Taiwan cuts interest rates to record lows

Taiwan's central bank made a surprise cut in its two key interest rates by a quarter of a point on Feb 1, bringing them to record lows to boost the island's flagging economy. It cut the discount rate to 4.375 percent and the accommodation with collateral rate, charged against banks using government bonds as collateral for central bank loans, to 4.75 percent.

Lii Sheng-yann, head of the central bank's banking department, told a hastily-called news conference that the cuts were not a response to