Mon, Aug 12, 2019 - Page 16 News List

Central bank chief scores ‘A’ on ‘Global Finance’ list

Staff writer, with CNA

New York-based Global Finance magazine has listed central bank Governor Yang Chin-long (楊金龍) among the world’s top central bankers.

The magazine in its Central Banker Report Cards graded central bankers from 94 countries and regions, and gave Yang an “A” grade.

It is the first time Yang has made the list since he assumed the post in February last year.

Central bankers from Australia, Honduras, Iceland, Kuwait, Lebanon, Mexico, Morocco, Russia and South Korea also received top marks.

The magazine gives central bankers grades ranging from “A” to “F” based on their success in areas such as inflation control, achieving economic growth goals, currency stability and interest rate management.

An “A” grade represents excellent performance, while “F” stands for outright failure. 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 said.

Yang, 66, has worked for the central bank since 1989. He served as deputy governor from March 2008 to February last year. Previously, he worked in the bank’s banking, foreign exchange and economic research departments. He also headed the bank’s London office from 1994 to 1997.

Yang said the magazine’s honor is a recognition of the efforts of his colleagues at the central bank, adding that he would continue to work to make progress.

People’s Bank of China Governor Yi Gang (易綱) and US Federal Reserve Chairman Jerome Powell were graded by Global Finance for the first time, with Yi getting a “C” and Powell receiving an “A-.”

In other news, Zhu Jun (朱雋), director-general of the People’s Bank of China’s international department, on Saturday said that volatility in yuan this month is a normal market reaction to escalating trade frictions stoked by the US and was caused, to some extent, by Washington’s decision to raise tariffs on Chinese goods.

The yuan fell 1.6 percent against the US dollar last week, but there were signs in the past few sessions that authorities were trying to stabilize it.

Additional reporting by Reuters

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