Central Bank of the Republic of China (Taiwan)

Taiwan dollars

Http://www.cbc.gov.tw/

The Central Bank of China ( CBC) (Chinese中央银行, Pinyin Zhongyang Yínháng, Central Bank ') is the central bank of the Republic of China on 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 run carried by the Guomindang regime government of the Republic of China on Taiwan, the CBC was moved to Taipei in December 1949 and took there in 1961 their business operations. On 8 November 1979, the CBC the supervision of the Executive Yuan has been assumed, with their independence but remained unchanged in monetary policy.

Tasks

The tasks of the CBC includes ensuring monetary stability, the functioning of financial markets and payment transactions. In addition, it contributes to the overall economic development. As part of this, she is responsible for the implementation of monetary and foreign exchange policy, the output of the Taiwan dollar, the management of state assets, the supervision of the commercial banks and other financial institutions and the international representation of the Republic in monetary matters.

Little problems for the CBC has always been price stability. Having had prevailed until 2003 even mild deflation, the inflation rate has moved since then at about 2%. The budget deficit was down nearly 3 % in 2003/2004 to 1% in 2005. The Taiwan dollar was devalued significantly in recent times. With a volume of U.S. $ 253 billion the CBC in 2005 held claims to be behind the U.S. and the PRC the third highest foreign exchange reserves in the world.

Structure

At the top of the CBC are three governing bodies: The governor and his deputy, the Executive Board and the Supervisory Board.

The governor is from the Executive Yuan and his two deputies are elected for a term of five years with the possibility of extension. Current incumbent is Fai - Nan Perng.

That led by the Governor of Directors consists of 11-15 (currently 15) nominated by the Executive Yuan and appointed by the President members, of whom 5-7 (currently 6) " business leader ". The Governor, the Minister of Finance and Economic Ministers are members of the Board by virtue of their office as executive members. The remaining members are elected for five years with the possibility of extension. The Board meets four times a year.

The Supervisory Board consists of 5-7 (currently 5) members, who are also appointed on the proposal of the Executive Yuan by the President. The Director-General of Budget, Accounting and Statistics serves on the board of ex-officio. The remaining members shall be appointed for three years with the possibility of extension.