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Deputy gov named Taiwan’s next central bank chief

TAIPEI — Marking the Taiwanese central bank’s first change at the top in nearly 20 years, a cabinet spokesman said Thursday that Deputy Gov. Yang Chin-long will succeed Perng Fai-nan as governor later this month.

The 79-year-old Perng had expressed interest in retirement because of his age. Yang, 64, will begin his five-year term as governor Feb. 24.

Perng started as governor in 1998 under the Kuomintang government of then-President Lee Teng-hui. He earned the top grade of A on Global Finance magazine’s Central Banker Report Card a total of 14 times.

Taiwan has kept interest rates low since July 2016. As governor, Yang will be faced with timing an exit from this easy-money policy as information technology exports fuel a steady economic recovery.

Financial institutions here see Yang taking the same conservative path as Perng.

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