Taiwan's currency had a rough, choppy day as foreign investors pulled money out of a falling stock market, and only central bank action kept it from slipping past a key level.

• The Taiwan dollar briefly weakened past 32 to the US dollar, bounced back, then sank again before the central bank stepped in near the close.
• Taiwan's stock market dropped sharply, and foreign and Chinese investors were net sellers for a second straight day, pulling cash out of the country.
• Taiwan's currency lagged the rest of Asia — the Korean won, yen and yuan all rose as the US dollar slipped.
• Long-term US government bond yields have jumped on worries about America's deficit and future inflation, but that has not made the dollar stronger.

Outlook: Whether foreign investors keep selling Taiwanese stocks and moving money out will decide if the currency holds the 31 level, with the Fed's July meeting notes the next big test.