TAIPEI (Taiwan News) — Taiwan’s central bank has issued rare statements reassuring investors following a sharp devaluation of the New Taiwan Dollar since the start of the year.

The central bank posted a statement on Facebook on Wednesday (Jan. 17) and said remarks made by U.S. central bank officials have impacted the world’s currencies, and said the Taiwan dollar had weakened as a result. The New Taiwan Dollar has depreciated by 2.7% against the U.S. Dollar since Jan. 1, per CNA.

The bank said the U.S. announcement would not cut interest rates as expected, causing the U.S. dollar to appreciate sharply, and devaluing Taiwan’s currency. The bank also said that international tensions were affecting the value of Taiwan’s currency.

It said that incidents in the Middle East involving Houthi Rebels bombing of a U.S. container ship had also affected the global economy and increased inflation concerns.

Taiwan has also experienced large capital outflows in recent days. On Wednesday, foreign investors withdrew NT$78.2 billion (US$2.48 billion) from Taiwan’s stock market, marking the third largest stock selloff ever in a single day.

The central bank also sought to calm market concerns on Tuesday and said that Japanese, Korean, and Thai currencies have all depreciated more than Taiwan’s against the U.S. dollar this year.