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New Taiwan central bank governor named (update)

2018/02/01 12:53:02

Yang Chin-long (CNA file photo)

Taipei, Feb. 1 (CNA) Yang Chin-long (楊金龍), the current deputy governor of Taiwan's central bank, has been named by President Tsai-Ing wen (蔡英文) as the new governor of the bank, Executive Yuan spokesman Hsu Kuo-yung (徐國勇) announced Thursday.

Yang will succeed the well-respected incumbent head, Perng Fai-nan (彭淮南), who will retire later this month, Hsu said.

Hsu said that as a central bank veteran who has worked for the bank since 1989 and has served as the deputy governor of the bank since March 2008, Yang is well-suited to take the position.

The appointment was confirmed by Premier Lai Ching-te (賴清德) prior to Hsu making the announcement.

Hsu said that Yang, 64, is expected to announce himself who will succeed him as deputy governor.

The Cabinet spokesman said Perng, who has worked for the central bank for nearly 20 years, has made significant contributions to the country.

Perng has navigated a relatively conservative course during his tenure as Taiwan's central bank czar, building strong foreign exchange reserves while resisting calls to intervene aggressively to keep Taiwan's currency weak to boost exports.

In August, Perng was again named among the world's top-tier central bankers by New York-based Global Finance magazine, receiving an "A" grade for a record 13th consecutive year and the 14th time during his career.

In response to the appointment, Chung-Hua Institution for Economic Research President Wu Chung-shu (吳中書) told the press that Yang is expected to follow in Perng's footsteps in carrying out the central bank's monetary policy in a stable manner.

Wu said that under Perng's leadership, the central bank has been good at harnessing its monetary policy, preventing the Taiwan dollar from strong volatility and helping Taiwanese exporters maintain their global competitive edge. Wu added that under Yang's leadership, this trend is not expected to change.

Last week, Yang's appointment was leaked by a source close to the matter before the formal announcement. Since then, lawmakers of the ruling Democratic Progressive Party as well as those in opposition parties, including the Kuomintang, have voiced support for Yang to succeed Perng.

Prior to his position as deputy governor, Yang worked in the bank's banking, foreign exchange and economic research departments, and he also headed the bank's London office from 1994 to 1997.

(By Ku Chuan and Frances Huang)