Central Bank of China
| Headquarters | Taipei , Republic of China (Taiwan) |
| founding | 1923 |
| president | Fai-nan Perng |
| country | Republic of China |
| currency | |
| Currency reserves | US $ 474.1 billion (November 2019) |
| Website | |
| List of central banks | |
The Central Bank of China ( CBC ) ( Chinese 中央銀行 , Pinyin Zhōngyāng Yínháng - "Central Bank") is the central bank of the Republic of China in Taiwan .
history
The Central Bank of China was founded in 1923 by Sun Yat-sen for the Republic of China in Guangzhou . In the course of the flight of the government of the Republic of China, supported by the Guomindang regime, to the island of Taiwan , the CBC was also relocated to Taipei in December 1949 and began operations there in 1961. On November 8, 1979, the CBC was placed under the supervision of the Executive Yuan , but its monetary independence remained unaffected.
tasks
The tasks of the CBC include ensuring currency stability , the functioning of the financial markets and payment transactions . It also contributes to general economic development. As part of this, it is responsible for the implementation of monetary and foreign exchange policy , the issuance of the Taiwan dollar , the administration of state assets , the supervision of commercial banks and other financial institutions and the international representation of the republic in monetary and currency matters.
The CBC has always had few problems with price stability. After there was even a slight deflation until 2003, the inflation rate has been around 2% since then. The budget deficit was reduced from almost 3% in 2003/2004 to 1% in 2005. The Taiwan dollar has depreciated significantly recently. With a volume of US $ 253 billion, in 2005 the CBC held the third-highest currency reserves in the world after the USA and the PR China . In 2019, the reserves were over $ 470 billion.
structure
The CBC is headed by three management bodies: the governor and his deputy, the board of directors and the supervisory board.
The governor is elected by the executive yuan and his two alternates are elected for a five-year term with the option to renew. The current incumbent is Fai-Nan Perng .
The board of directors, led by the governor, consists of 11-15 (currently: 15) members nominated by the Executive Yuan and appointed by the President , of which 5-7 (currently: 6) are "executive" members. The governor, the finance minister and the economics minister belong to the board by virtue of their office as executive members. The remaining members are each appointed for five years with the option of renewal. The Board of Directors meets four times a year.
The board of directors consists of 5–7 (currently: 5) members, who are also appointed by the President on the proposal of the Executive Yuan. The General Director for Budget, Accounting and Statistics is a member of the Supervisory Board by virtue of his office. The remaining members are appointed for three years with the option of renewal.
See also
- Chinese currency
- Taiwan dollars
- People's Bank of China (Central Bank of the PRC)
- Bank of China (a commercial bank)
Web links
Individual evidence
- ^ Taiwan Foreign Exchange Reserves . tradingeconomics.com. Accessed on January 28, 2017 (English)