New York-based Global Finance has again listed central bank Governor Yang Chin-long (楊金龍) among the world’s top central bankers.
In the magazine’s Central Banker Report Cards, released on Wednesday, Yang was listed among the top 10 central bankers, who earned an “A” grade for their leadership and effective financial policies.
Yang also received an “A” rating from the magazine in last year’s report.
Yang’s policies have 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, the magazine said.
“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,” it said.
“There is ample liquidity in the banking system, the money market is stable and loan portfolios have continued to grow this year,” it added.
Responding to the report, Yang said that the government has done a good job in combating COVID-19, and Taiwanese companies have seen an increase in exports, which has helped the economy remain resilient.
Against that backdrop, the central bank was able to implement its monetary policy smoothly, with the efforts of the entire government and all of his colleagues at the central bank, Yang said.
In Global Finance’s rating of more than 90 countries and regions, it also listed “merit winners” with an “A minus” grade, which included US Federal Reserve Chairman Jerome Powell.
The magazine said its “A” to “F” grading system is based on “success in areas such as inflation control, economic growth goals, currency stability and interest rate management.”
Yang has worked at the central bank since 1989, serving in its foreign-exchange and economic research departments before his appointment as deputy governor in 2008. He was appointed to head the bank last year.
His predecessor, former central bank governor Perng Fai-nan (彭淮南), has the distinction of being the only central banker in the world to have earned the top grade 14 times, from 2005 to 2017.
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