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US Fed meets with financial officials

Officials of the US Federal Reserve are in town to visit the Ministry of Finance, the central bank and the Financial Supervisory Commission to exchange opinions about the government's financial reform and exchange rates, government officials said yesterday.

The officials are expected to have a lunch banquet with the central bank's deputy governor Liang Fa-chin (梁發進) today, Hsu Yi-hsiung (徐義雄), another deputy governor, told the Taipei Times.

They are expected to touch upon issues regarding the appreciation of the Chinese yuan and relevant exchange rates, he said.

Hsu made the remark after a Chinese-language newspaper reported earlier yesterday that unspecified Fed officials are visiting the nation's financial regulators, citing sources at the Ministry of Finance.

Minister of Finance Lin Chuan (林全) yesterday admitted that the US officials did visit Liu Teng-cheng (劉燈城), director general of the finance ministry's National Treasury Agency on Wednesday. But he declined to specify what the meeting was about, saying only that "Liu hasn't reported" to him.

The US financial officials were also received by Kong Jaw-sheng (龔照勝), chairman of Financial Supervisory Commission, yesterday. But the commission's spokesman Lin Chung-cheng (林忠正) appeared evasive to talk about the Fed officials' visit.

“I have no idea about the details as I was not at the meeting,” Lin Chung-cheng said.

Lin Chung-cheng denied that the meeting was about mutual collaboration on financial regulation and monitoring, adding that the two countries had formed a regular cooperation mechanism for financial examination through the signing of memorandums of understanding years ago.
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