Taiwan Announces Cabinet Reshuffle

  • According to a statement issued by the Taiwanese Presidential Office on Thursday, the vice premier Jiang Yih-Huah is likely to replace the incumbent premier Sean Chen in a cabinet reshuffle. The current transportation minister Mao Chi-kuo is also slated to take over as the next vice premier. According to sources Taiwanese Central bank Chief Perng Fai-nan has expressed a desire to retire as part of the reshuffle. Perng's third five-year term draws to a close in February. The central bank did not comment, though. Perng, had become known for his hardened stance against currency speculation and for his impeccable control of Taiwan's exchange rate. The country is known to have some of the largest forex reserves in the world. Premier Chen was a likely choice to replace the Central bank chief before the reshuffle.

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