Taiwan central bank governor Yang receives top grade in global report

10/09/2020 01:05 PM
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Taiwan Central Bank Governor Yang Chin-long. CNA file photo
Taiwan Central Bank Governor Yang Chin-long. CNA file photo

Taipei, Oct. 9 (CNA) Taiwan's central bank governor Yang Chin-long (楊金龍) has earned an "A" grade, for the second consecutive year, in an annual report issued by the New York-based Global Finance magazine.

The Central Banker Report Cards 2020, released Wednesday, showed Yang among the 10 central bankers worldwide who received the top grade for their leadership and effective financial policies.

In its report, Global Finance said Yang's policies helped stabilize Taiwan's economy amid the COVID-19 pandemic, in particular his decisions in March to lower the discount rate to 1.125 percent and provide US$6.8 billion in loans to small and medium-size enterprises at preferential interest rates.

"Taiwan's economy has held up better than most countries in Asia, as it has had success in containing the coronavirus through early screening and border controls," Global Finance said in the report.

"There is ample liquidity in the banking system, the money market is stable and loan portfolios have continued to grow this year," it said.

Commenting on the report, Yang said the Taiwan government has been doing a good job to fight COVID-19, and Taiwanese companies have seen an increase in exports, which has helped the domestic economy to remain resilient.

Against that backdrop, Yang said, the central bank was able to implement its monetary policy smoothly, with the efforts of the entire government and all of his colleague in the central bank.

In Global Finance's 2020 report that graded central bank governors in more than 90 countries and regions, 10 central bankers received an "A" grade and 10 an "A minus," including Jerome Powell, chairman of the United States Federal Reserve.

The magazine said its "A" to "F grading is based on "success in areas such as inflation control, economic growth goals, currency stability and interest rate management."

Yang has been working at the Taiwan central bank since 1989, serving in its foreign exchange and economic research departments before his appointment as deputy governor in 2008.

In 2019, he was appointed to head the bank, and last year he received an "A" in the Global Finance report card.

His predecessor Perng Fai-nan (彭懷南) has the distinction of being the only central banker in the world to have earned the top grade 14 times, gaining straight A's from 2005-2017.

(By Su Ssu-yun and Frances Huang)

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