Taiwan’s central bank increased its benchmark interest rate by a modest amount on Thursday last week, the third hike this year, as it tries to battle inflation without further weighing down its slowing economy.
The central bank raised its policy rate by 12.5 basis points to 1.625 percent, in line with forecasts of most economists surveyed by Bloomberg. The bank also raised its reserve requirement ratios by 0.25 percentage points.
The central bank’s decision came hours after the US Federal Reserve hiked interest rates by 75 basis points, the fifth increase this year, to tame rampant inflation. Taiwan’s policy makers have been able to be more flexible in their rate hikes, with inflation peaking in the second quarter amid a slowdown in the economy. The central bank raises its rate by a smaller-than-expected 12.5 basis points in June and by 25 basis points in March.
Photo: Liberty Times 照片：自由時報
Higher interest rates may help to bolster Taiwan’s dollar, which has slumped this year on the back of a stronger US currency, weaker export demand and rising geopolitical tensions. The local dollar was down 4.8 percent against the greenback in the past month, the third-worst performer among Asian currencies.
Taiwanese officials have sought to balance tempering inflation without hurting its economy, which has been weighed down by sluggish demand from China, the impact of COVID-19 restrictions on supply chains, and other global headwinds. The government has already cut its 2022 growth forecast twice this year to 3.76 percent.
“Taiwan’s economic slowdown is very apparent, with export growth only in the single digits and manufacturing PMI shrinking,” Ma Tieying, an economist at DBS Group Holdings Ltd, said before the rate decision. “The risk of Taiwan’s economic downturn is very high, so from this point of view, increasing by 12.5 basis points is a compromise option and the best option.”
Photo: Cheng Chi-fang, Liberty Times 照片：自由時報記者鄭琪芳
Economists surveyed by Bloomberg have also revised down Taiwan’s GDP to 3.2 percent for this year. Those polled also expect that Taiwan will raise interest rates again in the fourth quarter to 1.75 percent.
Export orders from the island have started to slow, gaining 2 percent in August from a year earlier, with orders from China and Hong Kong falling more than 25 percent. Manufacturing is also coming under pressure, with the purchasing managers index dropping in August to 42.7 — its lowest reading since May 2020.(Bloomberg)
台灣中央銀行上週四小幅調升基準利率，此為今年第三次升息，因央行試圖對抗通貨膨脹，但同時不讓趨緩的經濟雪上加霜。
Photo: Liberty Times 照片：自由時報
央行將政策利率上調12.5個基本點至百分之1.625，與彭博社所調查大多數經濟學家之預測一致。央行還將存款準備率上調1碼（0.25個百分點）。
台灣央行做出此決定，是在美國聯準會將利率提高75個基本點──今年以來的第五次升息以抑制猖獗的通貨膨脹──的數小時後。台灣在經濟放緩的情況下，通貨膨脹在第二季達到頂峰；台灣的政策制定者能夠更靈活地升息，央行六月升息12.5個基點，三月升息25個基點，幅度小於預期。
由於美元走強、出口需求疲軟與地緣政治緊張局勢加劇，台幣今年已經下跌，利率的調升或能有助提振台幣。過去一個月，台幣兌美元下跌了百分之4.8，在亞洲貨幣中表現第三差。
台灣官員試圖在不損害其經濟的情況下平衡緩和的通貨膨脹，台灣的經濟受到中國需求低迷、新冠疫情限制對供應鏈之衝擊，以及其他全球不利因素的拖累。台灣政府今年已將二○二二年的成長預測下修兩次，至百分之3.76。
「台灣經濟放緩非常明顯，出口成長只有個位數，製造業採購經理人指數（PMI）萎縮」，星展集團控股有限公司經濟學家馬鐵英在利率決定前表示。「台灣經濟下滑的風險很高，所以從這個角度來看，升息12.5個基點是個折中的選擇，也是最好的選擇」。
彭博社所訪問的經濟學家也將台灣今年的GDP下調至百分之3.2。受訪者還預計台灣將在第四季再次升息，至百分之1.75。
來自台灣的出口訂單開始放緩，八月份比去年成長百分之2，其中來自中國大陸和香港的訂單減少超過百分之25。製造業也面臨壓力，採購經理人指數八月降至42.7，為二○二○年五月以來最低。
（台北時報林俐凱編譯）
A: A mint Labubu doll was sold for a record 1.08 million Chinese yuan — or about US$150,300 — at an auction. B: That much for a doll? That’s insane. A: The character of toy company Pop Mart has sparked a global frenzy thanks to celebrity endorsements, like pop diva Rihanna and Blackpink member Lisa. B: Where can we admire all the Pop Mart dolls? A: The world’s third Pop Mart flagship store is located in Taipei’s Ximending area. Let’s go together. A: 一個薄荷色的「拉布布」玩偶在拍賣會上，拍出108萬人民幣天價、高達15萬美元！ B: 一個玩偶？這也太瘋狂啦。 A: 這個泡泡瑪特玩具公司旗下的角色正在全球掀起狂熱，而這都要感謝天后蕾哈娜、Blackpink的Lisa等名人的加持。 B: 哪裡可以看到泡泡瑪特推出的公仔啊？ A: 全球第三家泡泡瑪特旗艦店就在台北西門町，我們去逛逛吧。 （By Eddy Chang, Taipei Times／台北時報張迪）
A: What are some of the hottest auction items other than the Labubu doll? B: NBA player Stephen Curry’s basketball card, actress Jane Birkin’s Hermes “Birkin bag,” and Princess Diana’s dresses also attracted robust bidding recently. A: How much can a trading card cost? B: Curry’s Paris Olympics autograph card was sold for US$518,500, or NT$15.3 million. A: Wow, it broke the record held by MLB superstar Shohei Ohtani’s baseball card. That’s amazing. A: 除了 「拉布布」玩偶以外，還有哪些熱門拍賣品？ B: NBA球星史蒂芬柯瑞的球卡、女星珍柏金的原版愛馬仕「柏金包」、戴安娜王妃的禮服最近都引發競標。 A: 一張卡片能有多貴啊？ B: 哈這張印著柯瑞在巴黎奧運的簽名卡，拍出51萬多美元天價、高達台幣1,530萬！ A: 哇他打破了MLB球星大谷翔平球卡的紀錄，真是令人驚奇。 （By Eddy Chang, Taipei Times／台北時報張迪）
The traditional five-day workweek was introduced around a century ago and has since become the standard, along with punching in at 9am and leaving at 5pm. Recently, however, challenges to this formula have been increasing, particularly among young people. In the UK, 200 British companies have changed gears and decided to adopt a permanent four-day workweek for their employees. The new schedule will not cause any loss in pay, which is expected to result in greater employee satisfaction. Among those leading the charge for the new model are charities, marketing firms, and technology companies. Advocates of the policy say
Oxford University Press (OUP) will no longer publish a controversial academic journal sponsored by China’s Ministry of Justice after years of concerns that several papers in the publication did not meet ethical standards about DNA collection. A statement published on the Web site of Forensic Sciences Research (FSR) states that OUP will stop publishing the quarterly journal after this year. FSR is a journal that comes from China’s Academy of Forensic Science, an agency that sits under the Ministry of Justice. The academy describes FSR as “the only English quarterly journal in the field of forensic science in China that focuses on
RSS