Central Bank chief receives top-tier title

08/09/2019 06:46 PM
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Yang Chin-long
Yang Chin-long

Taipei, Aug. 9 (CNA) Taiwan's Central Bank governor has been named among the world's top-tier central bankers by New York-based Global Finance magazine.

In its Central Banker Report Card 2019, Global Finance graded central bankers in 94 countries and regions and decided to give an A-grade to Yang Chin-long (楊金龍), who made the list for the first time since he assumed the position as Taiwan's Central Bank governor in February 2018.

In addition to Yang, central bankers from Australia, Honduras, Iceland, Kuwait, Lebanon, Mexico, Morocco, Russia and South Korea have been also named among the top-tier central bankers in the world.

According to Global Finance, the magazine graded them based on an "A" to "F" scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management.

The magazine said an "A" represents excellent performance down through "F" for outright failure, while subjective criteria also apply.

"Central bankers are facing the next potential recession with fewer arrows in their quivers and, in some quarters, unprecedented pressure on their independence," Global Finance publisher and editorial director Joseph Giarraputo said in a statement.

"With trade disputes and political instability gaining steam, nations look to central bank leaders to be steady hands on the world's economic tillers, and this year's top-rated bankers demonstrate just that kind of stable leadership, whether they are steering their nation through stormy times or battening the hatches with an eye to clouds on the horizon" Giarraputo added.

In response to his first top-tier governor title, Yang said the honor reflects the great efforts made by his colleagues in the central bank, adding that he will continue to work hard to make further progress.

While Taiwan's financial markets were closed as Typhoon Lekima battered northern Taiwan, Yang still arrived at his office at 8 a.m. as usual to monitor the global financial markets in a bid to make a timely response at a time when trade friction between the United States and China is sending ripples through the markets.

Yang, 66, is 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.

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.

Yang's predecessor, Perng Fai-nan (彭懷南), was again named among the world's top-tier central bankers by Global Finance in August 2017, receiving an "A" grade for a record 13th consecutive year and for the 14th time during his illustrious career.

Perng is the only person in the global banking industry to feature in the rankings for 14 consecutive years.

Like Yang, People's Bank of China Governor Yi Gang (易綱) and U.S. Federal Reserve Chairman Jerome Powell were graded by Global Finance for the first time, with Yi getting a "C" and Powell receiving an "A-."

(By Liao Yu-yang and Frances Huang)


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