Taiwan Central Bank Chairman discusses risks posed by global economy

As virtual currency and online banking becomes prevalent, banks in Taiwan may lose importance

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Yang Chin-long (楊金龍) gives a speech at NTU. (CNA photo)

Yang Chin-long (楊金龍) gives a speech at NTU. (CNA photo)

TAIPEI (Taiwan News) – Taiwan's Central Bank Chairman Yang Chin-long (楊金龍) gave a speech at the "Financial and Economy Forecast Seminar" at National Taiwan University on Friday (Oct. 25) and said that the Central Bank is developing new strategies for the increasingly difficult economic environment.

The seminar, co-hosted by the Taiwan Economic Association and Central Bank, was attended by business students and field experts. During his presentation, Yang said that the international economic environment is being greatly influenced by globalization and financial crises.

Yang pointed out that the country's monetary policy is facing several challenges, including some presented by technological advancement and the prevalence of virtual currency, which will diminish the importance of banks in Taiwan. He added that it is difficult for the Central Bank to stabilize Taiwan's economy given the interlocking nature of the Global Supply Chain, reports Radio Taiwan International.

Yang also mentioned that although the world has overcome damages brought by the financial crisis of 2008, it is currently still in a low growth trap. Taiwan's market is relatively stable compared to other countries and the Central Bank will amend strategies to face the quick-changing world, said the chairman, as reported by CNA.