Taiwan Macro Brief: November 2025 Steady surface, shifting undercurrents Taiwan’s macro story remains one of balance but we are seeing subtle changes in tone, tool‑use and regulatory posture. The Central Bank of the Republic of China (Taiwan) (CBC) hasn’t budged from its 2% benchmark rate but the message has grown more cautious. Meanwhile the Financial Supervisory Commission (FSC) is shifting from crash response to more structural oversight. On the FX and capital‐flow front, Taiwan is signalling more discipline without resorting to heavy‐handed controls. Underneath all this the job market holds firm - but credit growth is decelerating and real estate remains a soft spot. Monetary Policy The CBC left its discount rate steady at 2% at its September meeting and reaffirmed that stance in its October minutes. Inflation remains low (approximately 1.25% in September) and the growth forecast has been upgraded. But the bank is openly acknowledging downside risks - particularly from US tariffs a...
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