Investors are watching closely central bank actions after chatter that the authorities were tolerating a stronger currency to win concessions from the U.S.

The Taiwan dollar jumped 8% against the U.S. dollar in two days, an unprecedented surge and another sign that investor demand for the U.S. dollar is weakening amid trade turmoil.

Taiwan’s central bank has denied speculation that the U.S. asked the island to lift the value of the Taiwan dollar, convening an emergency meeting to urge calm after the currency resumed a blistering rally on Monday.