The nation's central bank announced yesterday it had changed its English designation as shown on its official Web site.
The monetary authority, which was originally referred to as "Central Bank of China, Republic of China (Taiwan)," has been changed to "Central Bank of the Republic of China (Taiwan)."
The bank said in a news statement that the change was aimed at avoiding confusion and was consistent with international practices in which the official name of a country is used when referring to the central bank of that particular country.
The move comes amid the government's current efforts to change the names of state-owned enterprises that contain references to China.
In their respective board meetings on Friday, the Chinese Petroleum Corp (CPC, 中國石油) decided to change its name to "CPC Corp, Taiwan" (台灣中油) China Shipbuilding Corp (CSBC, 中國造船) decided to change its name to "CSBC Corp, Taiwan" (台灣國際造船) and Chunghwa Post Co (中華郵政) decided to change its name to "Taiwan Post Co" (台灣郵政).
The Cabinet claims the name change campaign will help avoid confusion resulting from Taiwan-based organizations carrying similar names to organizations in China.
President Chen Shui-bian (陳水扁) said on Thursday that similar changes would also be made to the names of the country's overseas embassies and representative offices in the future.
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