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Taiwanese money supply continues to see strong growth, CBC likely to keep rates on hold in December
Taiwanese MIB and M2 money supply continued to record solid growth in the month of October. On a year-on-year basis, MIB money supply grew 12.85 percent, while M2 money supply rose 7.05 percent in the month. This is the second month the figures have reached a post-GFC high. M2 money supply also breached the official 2.5 to 6.5 percent target range.
Solid portfolio flows and flush liquidity in the banking system pose immediate challenges to policies, impacting interest rates, the exchange rate, and the possibility of asset-price bubbles.
“We believe the CBC will begin to focus on financial stability. While it will still keep interest rates on hold in December, it may consider mopping up excessive liquidity and launch macroprudential measures to curb property risks”, said ANZ in a research report.