A woman monitors stock market prices inside a brokerage in New Taipei city, Taiwan, August 24, 2015. Reuters/Pichi Chuang/file photo

Taiwan’s financial regulator said on Wednesday that companies listed on the local stock exchange had reported forex losses of T$133.9 billion (US$4.4 billion) in 2016, because of the Taiwan currency’s strength against the US dollar.

Some investors have been concerned the losses would continue to climb, given the Taiwan dollar has strengthened about 6 percent so far this year.

About T$122 billion of the currency losses was reported by insurers.

Taiwan’s central bank, fearful of being labelled a currency manipulator by US President Donald Trump, has pulled back on intervention to weaken the Taiwan dollar, making it Asia’s second best-performing currency in 2017.

Officials of the Financial Supervisory Commission revealed the forex losses at a legislative session, without elaborating.