Perng became the governor of the Central Bank of China (Taiwan) in 1998, at a time when the Non-Delivery Forward (NDF) market ballooned owing to speculators seeking to benefit from exchange rate manipulation during the Asian Financial Crisis and the Taiwan dollar depreciated. He acted deftly by blocking speculators' access to local currency funding and stabilising the Taiwan dollar. Perng is known for always acting swiftly to limit appreciation in the Taiwan dollar whenever capital inflows, attracted by Asia´s growth, have posed a risk to Taiwan’s exports and threatened to pump up asset prices.
