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PRC surprises with early increase in bank reserve ratio

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China yesterday raised the proportion of deposits that banks must hold in reserve in the clearest sign yet that it has started to tighten monetary policy with its economy roaring back to the brink of overheating.

The 0.5 percentage point increase in the reserve requirement ratio (RRR) will take effect on Monday and will apply to all banks apart from rural credit cooperatives, the People’s Bank of China said on its Web site.

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Smell of burning causes evacuation of Taipei MRT train

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Around 250 passengers aboard a northbound train on Taipei’s Wenshan-Neihu MRT line were evacuated yesterday after staff at Nanjing East Road station detected a burning odor coming from cars.

The incident occurred at 8:29am when the train was at Nanjing East Road station.

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Central bank wants investment curbs

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The central bank is pushing for curbs to be imposed on the amount of Chinese capital that can be placed in local stocks, hoping to stem the inflow of speculative funds, an official said yesterday.

The Financial Supervisory Commission, which has the authority to set limits on Chinese funds, has been approached by central bank officials eager to keep controls tight, said Lu Ting-chieh (盧廷劼), the commission’s chief secretary.

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Official asks for probe of Control Yuan members

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A former Yilan County official yesterday asked prosecutors to investigate three Control Yuan members who allegedly covered up for officials involved in the Yuanta I Pin Building (一品苑) case.

Lin Chin-kun (林錦坤), a former Yilan County Yuanshan Village (員山) representative, mailed a request to the Supreme Prosecutor’s Office Special Investigation Panel (SIP) requesting an investigation into whether Control Yuan members Ma Yi-kung (馬以工), Chen Yung-hsiang (陳永祥) and Lin Chu-liang (林鉅鋃) handled the case inappropriately.

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Chinese lobbying outshines Taiwan

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The Washington Post printed a front-page story on Saturday saying that China had launched a multimillion-dollar lobbying effort “so effective that it is challenging the heralded efforts of nemesis Taiwan.”

According to the story, China has dramatically improved its image in the US and now has enough friends in Congress to blunt at least some pro-Taiwan legislation.

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DPP wins all three seats in by-elections

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The Democratic Progressive Party (DPP) scored a landmark election success yesterday, sweeping all three seats in legislative by-­elections in Taoyuan, Taichung and Taitung counties.

The victory in Taitung marked the first time the party won a legislative seat in the county.

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Former president's appeal begins at Taiwan High Court

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Former president Chen Shui-bian’s (陳水扁) appeal against his conviction on embezzlement and money laundering charges began yesterday at the Taiwan High Court.

Former first lady Wu Shu-jen (吳淑珍) did not appear in court, citing ill health.

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Newsflash


Front row left to right, Taiwan Association for China Human Rights chairman Yang Hsien-hung, New School for Democracy chairman Wang Dan, Taiwan Society for Democracy president Ku Chung-hwa, Taiwan Friends of Uighurs chairman Paul Lin and Taiwan Labour Front secretary-general Son Yu-liam hold a news conference in Taipei yesterday calling for genuine universal suffrage in Hong Kong.
Photo: Chien Jung-fong, Taipei Times

Taiwanese civil rights organizations yesterday rallied behind the people of Hong Kong in their pursuit of universal suffrage in 2017, as China sets limits on the vote for the election of the territory’s leader.

Local groups initiated a signature drive to show their support for pro-democracy activists who on Sunday vowed “an era of civil disobedience” in protest against Beijing’s decision to reject open nominations for candidates in the territory’s first direct leadership election in 2017.