Datasets:
gtfintechlab
/
central_bank_of_china_taiwan

Dataset card Data Studio Files
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int64
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999
meanwhile, although prices of some household paper products hiked to factor in international pulp price movements, and electricity rates are to be raised from april onwards to reflect higher costs of fuel imports for power generation, these factors only made a modest influence on the overall price trend
neutral
forward looking
certain
2,018
265
looking ahead, cross-border capital movements will likely become a major influence behind taiwans m2 growth as the global outlook is still shrouded by uncertainties and the u.s. fed will move ahead with balance sheet reduction and rate hikes
neutral
forward looking
certain
2,017
374
the board decided unanimously at the meeting today to raise the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations to 1.5, 1.875, and 3.75, respectively, effective june 17, 2022
hawkish
forward looking
certain
2,022
769
regarding monetary policy in the year so far, most economies, including the us and europe, continued to raise policy rates whereas some central banks began to slow or pause the pace of rate hikes based on considerations of economic prospects and in order to assess the effects of previous rate increases
hawkish
not forward looking
uncertain
2,023
825
regarding domestic demand, taiwanese tech firms increased capital outlay, multinationals increased their footprint on this island, while the government continued with infrastructure building for green energy and 5g network development and projects to facilitate urban renewal and construction of social housing
dovish
not forward looking
certain
2,021
715
on the other hand, the bank made another downgrade to its 2023 gdp growth rate forecast and estimated that the output gap would remain negative this year
dovish
not forward looking
uncertain
2,023
834
board members reached a unanimous decision for the special sme accommodation facility and the policy rate reduction
dovish
forward looking
certain
2,020
417
however, the long-term effects of protracted low interest rates on taiwans economy as a whole have been unclear and should be revealed in a timely manner
neutral
forward looking
uncertain
2,019
730
all board directors favored the decision to keep the policy interest rates unchanged, based mainly on the uncertainty surrounding economic growth amid the recent domestic virus flareup
neutral
not forward looking
certain
2,021
791
combined with the governments forthcoming rollout of consumption stimulus measures, it is expected that private consumption would show an upturn
dovish
forward looking
certain
2,021
881
the economy is expected to advance with moderate momentum in the second half of 2017 and in 2018
dovish
forward looking
certain
2,017
752
all primary export categories posted negative growth, except for ictav information, communication and technology, and audio-visual products as they were buttressed by demand for ai and other emerging technology applications
neutral
not forward looking
certain
2,023
667
board members reached a unanimous vote to keep the policy rates unchanged
neutral
forward looking
certain
2,021
880
this director pointed out that co-movements between stock prices and exchange rates could create risks
neutral
not forward looking
uncertain
2,016
187
according to the banks forecast, this years economic growth rate will be a moderate 2.58, slightly lower than last years 2.86
neutral
forward looking
certain
2,018
535
in respect of domestic demand, private investment grew at a slower pace mainly because raw material shortfalls resulted in an extension of equipment delivery time, while labor shortage and inventory adjustments as well as a cautious economic outlook prompted some firms to postpone capital expenditure plans
dovish
forward looking
certain
2,022
195
one board director stated that taiwans real interest rate, though negative, was still higher than those of the us, singapore, south korea, and hong kong, while taiwans 2017 gdp growth projections by forecasting institutions were broadly lower than these economies
neutral
not forward looking
certain
2,016
356
in terms of money supply, reflecting the slowdown in bank loans and investments and a year-on- year increase of foreign capital outflows, as well as the banks hikes of policy rates and the rrrs, the m2 annual growth rate had trended downwards since may this year, with the pace of growth averaging 7.66 for the first eight months of the year
hawkish
not forward looking
certain
2,022
27
global recovery is steadily on track, but uncertainties remain
dovish
forward looking
uncertain
2,017
555
for the year to date, exports have risen moderately, while capital equipment imports have recorded a smaller decrease
neutral
not forward looking
certain
2,018
995
for the first two months of the year, excess reserves of banks averaged around nt54.9 billion
neutral
not forward looking
certain
2,024
99
the global commodities benchmark, the rjcrb index, moved downward before stabilizing at low levels
dovish
not forward looking
certain
2,022
882
another board director pointed out that during the global financial crisis the bank held six meetings during the four months of september through december instead of just the two scheduled quarterly meetings
irrelevant
not forward looking
certain
2,020
504
therefore, the pressing issue of inflation should be given priority
hawkish
forward looking
certain
2,023
810
the bank trims its forecast for the economic growth this year to 3.51 appendix table 1
neutral
not forward looking
certain
2,022
452
one board director noted that the key considerations for the banks monetary policy conduct may also include housing price trends in addition to inflation and economic growth
neutral
not forward looking
uncertain
2,021
602
however, among construction loans, those taken out for land purchases continued to grow fast, expanding by 24.1 year on year
dovish
not forward looking
certain
2,021
631
the resultant rise in the annual growth rate of real estate lending also caused this loan bracket to maintain a high share in banks total lending
dovish
not forward looking
certain
2,024
410
with regard to lending rates, one board director gave the view that whether the lenders are state-owned banks or private ones, the aid efforts were not designed to make them take losses
neutral
not forward looking
certain
2,020
321
another board director stated that housing loans granted with high ltv ratios are susceptible to a price trend reversal that could cause the amount of the loans to exceed the market value of their collaterals, creating credit risk to banks; likewise, risk therefrom would be smaller if the ltv ratios are lower
hawkish
not forward looking
certain
2,021
28
meanwhile, private consumption rose steadily, and private investment posted a smaller contraction
hawkish
not forward looking
certain
2,024
951
recent concerns over the turbulence in the banking sectors of the us and europe and the ensuing effects on market expectations about the size of rate hikes by major central banks have heightened volatility in international financial markets
hawkish
not forward looking
certain
2,023
630
adjustments to the expiry dates of the banks special accommodation facility back in april 2020, the bank launched the special accommodation facility to support bank credit to small and medium-sized enterprises smes
dovish
not forward looking
certain
2,021
898
another board director gave the opinion that monetary policy alone cannot overcome the issue of stagnant investment; it is vital that monetary policy be accompanied by other measures, such as those alleviating shortages of electricity and water
neutral
not forward looking
uncertain
2,017
456
another board director also commented on the issue of protracted low interest rates
neutral
not forward looking
uncertain
2,019
447
the director viewed that the effect of a 25 bps hike was less about dampening housing prices than about sending a message
hawkish
not forward looking
certain
2,022
499
in this light, the bank decided to amend the regulations governing the extension of mortgage loans by financial institutions with the aim of further strengthening management of bank credit resources and containing related credit risk
hawkish
not forward looking
certain
2,023
436
in terms of monetary policy developments overseas, central banks in advanced economies had kept policy rates unchanged in the year so far, albeit showing a more dovish turn in general
neutral
not forward looking
certain
2,019
772
the average annual growth rate of bank loans and investments was 4.45 for the first two months of the year, higher than the sum of the 2018 projected gdp and cpi annual growth rates 3.85, which indicates sufficient supply in the credit market
dovish
not forward looking
certain
2,018
644
meanwhile, core cpi i.e., excluding fruit and vegetables and energy items increased by 2.57 year on year, abating rather slowly mainly because prices of foodbeverage and travelaccommodation services were buttressed by booming demand amid the post- pandemic reopening period
hawkish
not forward looking
certain
2,023
213
in addition, given taiwans large trade surplus and foreign capital inflows, small capital outflows could help let out pressures of a domestic market flush with liquidity
dovish
forward looking
certain
2,019
220
in addition, given that changes in rental costs usually lag behind housing prices, the effect of further housing price rises on rent and, in turn, on the cpi inflation requires monitoring
dovish
forward looking
uncertain
2,023
11
thereafter, despite continued weakness in exports and private investment in recent months, an expansion in private consumption was expected to bolster economic growth for the second quarter
dovish
not forward looking
uncertain
2,023
806
currently, taiwans inflation is not much a cause for concern
neutral
not forward looking
certain
2,021
249
for the first four months of the year, the m2 annual growth rate averaged 5.81, within the 2.5-6.5 reference range but slightly higher than 5.44 of the fourth quarter last year
neutral
forward looking
certain
2,024
482
meanwhile, with increasing global demand and lingering supply chain bottlenecks pushing up international goods prices, major economies have witnessed a pronounced uptick in inflation, judged by their central banks to be transitory
dovish
not forward looking
certain
2,021
389
one board director noted that against a backdrop of moderate economic growth and muted inflationary pressures, there existed no room for a rate hike
dovish
not forward looking
certain
2,020
746
in addition, the hikes in minimum wage and public sector employee pay may spur wage increases for workers in the private sector
hawkish
forward looking
uncertain
2,021
121
the global economic outlook also faces other causes for concern, including uncertainties associated with international economic and trade policies, the progress of brexit negotiations, and geopolitical risks
neutral
forward looking
uncertain
2,016
952
with public and private investment expected to grow faster than last year and private consumption to expand steadily, domestic demand would continue to be the main driving force behind this years economic growth
neutral
forward looking
uncertain
2,019
231
taiwans economy is projected to exhibit strong growth this year, albeit with divergence among different sectors, and is also expected to post solid growth next year as the global economic recovery continues onwards amid potential downside risks
dovish
forward looking
uncertain
2,021
129
with global economic and trade activity on the mend, demand for emerging tech applications and remote-working products staying strong, and manufacturers in taiwan expanding capacity, the bank projected taiwans exports to enjoy solid growth in real terms this year
dovish
forward looking
certain
2,021
36
exports to all major destination economies, especially south korea, china, and asean, registered positive growth
dovish
not forward looking
certain
2,017
76
however, in addition to a slowing global economy, the continuous rise in us oil production would probably balance out the effect of production cuts by the organization of the petroleum exporting countries
neutral
forward looking
uncertain
2,019
41
recent data pointed to an increase in natural persons second housing loans in terms of the borrower number and as a share of total according to the joint credit information center, in the first quarter of the year, the number of newly-extended second housing loans taken out by natural persons increased and its share as a percentage of total borrowers of newly-extended housing loans also rose from 12.6 in the previous quarter to 15.2
neutral
not forward looking
certain
2,023
479
in the months since midyear, taiwans exports have recorded solid growth, supported by robust demand for artificial intelligence and other emerging technology applications
neutral
forward looking
certain
2,024
387
for next year, international institutions expected global oil prices to be steady; meanwhile, domestic services inflation would likely continue with a gradual downtrend
dovish
forward looking
certain
2,024
96
continued adjustments, as seen needed, of the tariff reduction measures, including commodity taxes on gasoline, diesel, and cement, and tariffs on beef, formula milk, butter, and wheat; an extension of business tax exemption on imported soybeans, wheat, and corns
dovish
not forward looking
certain
2,022
463
this concept could be described with the impossible trinity theory
irrelevant
not forward looking
certain
2,019
360
the biggest contribution came from increased exports of electronic parts and components thanks to solid global demand for semiconductors
neutral
not forward looking
certain
2,017
609
domestic long and short-term interest rates went upwards as the banks hikes in policy rates and the reserve requirement ratios rrrs took effect in june and july, respectively
hawkish
not forward looking
certain
2,022
618
banks excess reserves averaged slightly above nt45 billion for the two months of march and april
neutral
not forward looking
certain
2,024
871
the normalization move would also be warranted by the fact that interest rates had stayed low for a long while
hawkish
forward looking
uncertain
2,022
971
the marked rebound in international raw material prices this year drove up prices of imports and goods for domestic sales, stepping up pressures of imported inflation
hawkish
not forward looking
certain
2,021
82
the non-manufacturing index nmi and its six-month outlook subindex remained expansionary, pointing to sustained economic recovery and manufacturing growth momentum picking up
dovish
forward looking
certain
2,024
3
one board director remarked that the persistent easy money conditions in taiwan is related to ample market liquidity amid a saving glut and investment deficiency
dovish
not forward looking
certain
2,021
552
however, a slowing chinese economy, lingering world trade protectionism and a higher base effect may combine to restrict export momentum in the second half of the year
hawkish
forward looking
certain
2,016
355
compared with major economies, taiwans economy is projected to be relatively resilient in both 2020 and 2021
neutral
not forward looking
certain
2,020
19
currently, the only restriction imposed on the newly- extended second housing loans for homes in the specific areas was the prohibition of a grace period during which borrowers pay just the interest but not the principal and some banks appeared to have applied looser mortgage underwriting standards compared to other banks
neutral
not forward looking
uncertain
2,023
551
overall, the current inflation upswing is viewed to be transitory and inflation is expected to be mild for this year as a whole, with next years inflation outlook tilting to the downside
dovish
forward looking
uncertain
2,021
557
it is estimated that nearly 20 of housing loan applications belong to people who seek new home loans despite already owning residential properties
dovish
forward looking
certain
2,024
468
looking at the coming quarters, with the supply chain inventory drawdown nearing the end, ai-related business booming, new tech products hitting the market, and orders rising for the high season, it was expected that growth in exports would see a smaller decline in only single digits for the third quarter of 2023 and would turn positive in the fourth quarter, albeit still in negative territory for the year as a whole
dovish
forward looking
certain
2,023
474
the global manufacturing sector has remained subdued, while the services sector has softened
neutral
not forward looking
certain
2,023
343
the domestic covid-19 resurgence since mid-april caused companies to institute more furloughs, and consumers shied away from dining out and travel
dovish
not forward looking
certain
2,022
228
hurricane disruptions to oil production in the gulf of mexico in late august, as well as market expectations of a demand rebound as the pandemic eased, pushed international oil prices back upwards
dovish
not forward looking
certain
2,021
332
against this background, in order to contain domestic inflation expectations, the board judged that a rate hike would help sustain price stability and foster sound economic and financial development on the whole
hawkish
forward looking
certain
2,024
2
the bank of japan moved towards monetary policy normalization, and the peoples bank of china continued with its accommodative monetary policy stance
neutral
not forward looking
certain
2,024
166
looking ahead, the global economy faces multiple downside risks synchronized monetary policy tightening could deepen the global economic slowdown and undermine financial stability; implications from us-china disputes could hamper the process of globalization; geopolitical risks could disrupt supply chain networks; the russia-ukraine war and the ensuing energy crisis in europe could add to global economic headwinds; and extreme weather events and energy transition efforts could both be inflationary
hawkish
not forward looking
uncertain
2,022
641
compared to the end of last year, the level of concentration of real estate lending increased slightly as of the end of july
neutral
not forward looking
certain
2,020
484
according to international institutions, this years oil prices would be lower than 2022 but would rebound slightly next year
neutral
forward looking
uncertain
2,023
651
another board director noted that the consolidated land and housing income tax 2.0 entered into force not long ago, but recent data still showed excessively high annual growth rates of building ownership transfers and land sales
dovish
not forward looking
certain
2,021
782
another board director mentioned that while anticipating taiwans economy to grow faster next year than this year amid a bright global outlook and a gradual domestic recovery, the bank also projects the negative output gap to widen; this calls for further in-depth study
neutral
forward looking
uncertain
2,017
854
though still not radical in the near term, structural changes, once set off, would have a greater effect in the coming years
neutral
forward looking
uncertain
2,021
902
on balance, this director viewed that a rate hold would be the appropriate decision
neutral
forward looking
certain
2,021
1
however, overtime hours worked in the manufacturing sector posted year-on-year decreases for four consecutive months
hawkish
not forward looking
certain
2,022
923
meanwhile, the bank still needs to keep close watch on the issue of persistent inflation
hawkish
not forward looking
certain
2,024
958
bank loans and investments further decreased from 6.66 of the fourth quarter of 2022 to 5.55 in the first four months of 2023
hawkish
not forward looking
certain
2,023
809
moreover, international prices of crude oil and other raw materials trended downward
dovish
not forward looking
certain
2,020
180
the annual growth rate of the cpi came back down in november, mainly owing to slower increases in prices of vegetables, fuel and lubricants, and entertainment services
hawkish
not forward looking
certain
2,023
874
domestic inflation to come down gradually in the second half of the year, with the inflation rate slowing to 2 in the fourth quarter the bank forecasted the annual growth rates of the cpi and core cpi in 2023 to be 2.24 and 2.38, respectively, lower than last years 2.95 and 2.61
dovish
forward looking
certain
2,023
346
for the bank to safeguard financial stability, it needs to take policy actions in response to housing price changes
hawkish
forward looking
certain
2,022
856
in 2017 so far, as the nt dollar appreciation helped mitigate imported inflationary pressures and food prices stayed low, consumer prices have risen mildly
hawkish
not forward looking
certain
2,016
765
one board supervisor added that the cpi spike in february was also attributable to the deferred impact of last years cigarette tax hike, and the same price measure would be significantly lower by excluding the seasonal factor and the tax effect
hawkish
not forward looking
certain
2,018
975
the overall monitoring indicator flashed a yellow-blue transitional between stable and sluggish signal
neutral
not forward looking
certain
2,016
643
the average projections for taiwans inflation rate in 2021 and 2022 by major forecasting institutions had slowly trended upwards since the beginning of 2021 but remained below 2, indicating mild pressures of inflation
dovish
not forward looking
certain
2,021
800
the bank projects that in 2021 the cpi and core cpi annual growth rates would rise to 0.92 and 0.62 respectively, noting the global economic recovery, higher oil prices as anticipated by international forecasters, and mild consumption demand at home
dovish
forward looking
uncertain
2,020
188
the bank expected taiwans economic growth to accelerate in the second half of the year compared to the previous half
dovish
forward looking
uncertain
2,023
671
by contrast, efforts to rein in high inflation had proved effective, and the bank forecasted taiwans inflation rate this year to drop below last years 2.95, along with a further decline to less than 2 next year
hawkish
forward looking
certain
2,023
471
in january and february this year, the inflation rate fluctuated more markedly owing to the lunar new year holidays
neutral
not forward looking
certain
2,023
533
another board director noted that since housing rents have a large weight among the cpi basket, attention should be paid to whether housing price rises also lead to rent increases
dovish
forward looking
uncertain
2,021
113