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Taiwan
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Taiwan’s central bank held interest rates steady as cooling inflation and solid economic growth give it space to keep policy settings unchanged for now, the Wall Street Journal reported. The Central Bank of the Republic of China (Taiwan) kept its benchmark discount rate at 2.000% on Thursday, as expected in a poll of seven analysts by The Wall Street Journal. It maintained its secured loan rate and unsecured loan rate at 2.375% and 4.250%, respectively. The Taiwanese central bank attributed the decision to cooling inflation and a solid outlook on its economy.
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Life insurers in Taiwan are issuing an unprecedented amount of bonds that pose more risks to investors, as they rush to improve their finances before a deadline to shore up capital, Bloomberg News reported. Already in 2024, Taiwan’s seven major insurance firms have sold $2.4 billion of subordinated notes that put investors behind other debt holders for claims on assets in the event of any bankruptcy. That’s a record for the first half of a year, according to data compiled by Bloomberg.
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Taiwan expects to triple its economic growth rate this year as strong demand for new technology such as artificial intelligence boosts the island’s exports, The Wall Street Journal reported. The economy expanded at a rapid 6.56% in the first three months of the year, outpacing most of its peers, according to official data. That was up from the 6.51% growth estimated in April. Thursday’s release confirmed that Taiwan’s economy is off to a strong start this year, as economists had widely expected.
Taiwan's biggest earthquake since 1999 is likely to cause some disruption across Asia's semiconductor supply chain, analysts said, after chipmakers from TSMC to UMC halted some operations to inspect facilities and relocate employees, Reuters reported. The powerful 7.2-magnitude earthquake struck Taiwan's eastern coast near Hualien County on Wednesday morning, killing nine people and injuring 800.
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China's "reunification" with Taiwan is inevitable, President Xi Jinping said in his New Year's address on Sunday, striking a stronger tone than he did last year with less than two weeks to go before the Chinese-claimed island elects a new leader, Reuters reported. The Jan. 13 presidential and parliamentary elections are happening at a time of fraught relations between Beijing and Taipei. China has been ramping up military pressure to assert its sovereignty claims over democratically governed Taiwan.
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The recent collapse of U.S. regional banks might not grow into a global financial crisis given their small scale and less complex assets, but more peers might turn into zombie banks if not properly regulated, the central bank said on Facebook, Taipei Times reported. Silicon Valley Bank’s (SVB) bankruptcy might not lead to a systemic crisis like Lehman Brothers, the fourth-largest U.S.