Liang was born in Taichū Prefecture, Japanese Taiwan, and studied economics at the National Taiwan University, where he earned his master's degree. He furthered his studies at Vanderbilt University in the United States, obtaining a doctorate in economics, and later became a professor.

Liang held the position of chairman at various public banks for 19 years, starting in August 1975. After the death of Hsieh Sam-chung in June 1994, he assumed the role of the 14th governor of the Central Bank of the Republic of China.^[2] However, his term lasted less than a year due to health issues, leading him to resign in March 1995. He was succeeded by Sheu Yuan-dong and passed away four months after his resignation on July 31, 1995.

• Liang's father and paternal grandfather came from a wealthy family in Xiushui Township, Changhua County.
• His wife, Hou Jinying, was the daughter of Hou Yuli, an industrialist and former member of the Tainan Gang [zh]. She previously worked in the banking department of National Chengchi University and currently serves as the chairperson of the Far East Intercontinental Bank, alongside vice chairperson Douglas Hsu [zh]

Following Liang's passing, the National Taiwan University has held an annual memorial symposium since 1995 to discuss topics related to national development, economic and trade trends, international financial situations, and economic development in memory of their alumnus. When the university's new building of Social Sciences on the Gongguan campus was completed, the conference hall located in the center of the building was named after Liang.

According to independence activist Koo Kwang-ming, during a discussion about Taiwan's future in Taipei in 1972, future president Lee Teng-hui expressed that Taiwan would have a more promising future if it achieved full independence, and Liang agreed.^[3]