The government on Tuesday appointed Yang Chin-long (楊金龍) to a second five-year term as central bank governor.
In a short statement, the Presidential Office said that Yang’s second term would run from Feb. 26 through Feb. 25, 2028.
Yang, 69, was appointed to lead the bank in 2018, taking over from Perng Fai-nan (彭淮南), who had served as central bank governor since 1998.
Photo: CNA
In comments to reporters, financial industry sources praised Yang’s flexibility and receptiveness to differing views on monetary policy, in contrast to Perng, who is known for his more uncompromising style.
The ability to seek consensus might be particularly important given that Yang has indicated some members of the bank’s board of directors pushed for more aggressive rate hikes at its past two policy meetings, the sources said.
The central bank has increased interest rates four times this year by a total of 0.625 percentage points, its first hikes in more than 10 years and bringing the benchmark discount rate to 1.75 percent.
The bank has said it expects inflation to drop below 2 percent next year, although economic growth is also forecast to decelerate.
Yang’s first term as central bank governor coincided with a series of major events affecting the global economy, including the start of a US-China trade dispute in 2018, the outbreak of the COVID-19 pandemic in 2020 and rising global inflation over the past year.
CHIP WAR: Tariffs on Taiwanese chips would prompt companies to move their factories, but not necessarily to the US, unleashing a ‘global cross-sector tariff war’ US President Donald Trump would “shoot himself in the foot” if he follows through on his recent pledge to impose higher tariffs on Taiwanese and other foreign semiconductors entering the US, analysts said. Trump’s plans to raise tariffs on chips manufactured in Taiwan to as high as 100 percent would backfire, macroeconomist Henry Wu (吳嘉隆) said. He would “shoot himself in the foot,” Wu said on Saturday, as such economic measures would lead Taiwanese chip suppliers to pass on additional costs to their US clients and consumers, and ultimately cause another wave of inflation. Trump has claimed that Taiwan took up to
A start-up in Mexico is trying to help get a handle on one coastal city’s plastic waste problem by converting it into gasoline, diesel and other fuels. With less than 10 percent of the world’s plastics being recycled, Petgas’ idea is that rather than letting discarded plastic become waste, it can become productive again as fuel. Petgas developed a machine in the port city of Boca del Rio that uses pyrolysis, a thermodynamic process that heats plastics in the absence of oxygen, breaking it down to produce gasoline, diesel, kerosene, paraffin and coke. Petgas chief technology officer Carlos Parraguirre Diaz said that in
SUPPORT: The government said it would help firms deal with supply disruptions, after Trump signed orders imposing tariffs of 25 percent on imports from Canada and Mexico The government pledged to help companies with operations in Mexico, such as iPhone assembler Hon Hai Precision Industry Co (鴻海精密), also known as Foxconn Technology Group (富士康科技集團), shift production lines and investment if needed to deal with higher US tariffs. The Ministry of Economic Affairs yesterday announced measures to help local firms cope with the US tariff increases on Canada, Mexico, China and other potential areas. The ministry said that it would establish an investment and trade service center in the US to help Taiwanese firms assess the investment environment in different US states, plan supply chain relocation strategies and
Japan intends to closely monitor the impact on its currency of US President Donald Trump’s new tariffs and is worried about the international fallout from the trade imposts, Japanese Minister of Finance Katsunobu Kato said. “We need to carefully see how the exchange rate and other factors will be affected and what form US monetary policy will take in the future,” Kato said yesterday in an interview with Fuji Television. Japan is very concerned about how the tariffs might impact the global economy, he added. Kato spoke as nations and firms brace for potential repercussions after Trump unleashed the first salvo of
RSS