But in recent months the New Taiwan dollar's fall has all but ceased.

ECONOMIST: Taiwan��s currency

ABN-Amro, Banque Nationale de Paris, Bank of America, Citibank, and American Express that dominate trading in the New Taiwan dollar, and especially in currency derivatives.

ECONOMIST: Wrong lessons in Taiwan

But with the South Korean won, the Japanese yen and, to a lesser degree, the New Taiwan dollar all now marching downwards as well, Thailand's relative cost advantages are shrinking.

ECONOMIST: When currencies collapse