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Taiwan's foreign reserves hit record high in September (update)

2013-10-04

Taipei, Oct. 4 (CNA) Taiwan recorded a new high in its foreign exchange reserves in September, the third time the country has done so since July, data released by the central bank Friday showed.

The foreign exchange reserves of Taiwan grew by US$3.22 billion to reach US$412.61 billion at the end of September from the previous month, according to the central bank.

This was the third consecutive month that Taiwan has posted record high foreign exchange reserves, which was the world's fourth-largest, according to the latest data.

Besides the return on existing reserves, the monthly growth was also the result of the increase in holdings of non-U.S. dollar assets because of the weaker greenback, said Yen Hui-huang, deputy head of the bank's Department of Foreign Exchange.

The euro rose 1.98 percent against the U.S. dollar in September, while the value of the British pound climbed 4.33 percent, and the Japanese yen edged 0.16 percent higher, according to the central bank.

Meanwhile, Taiwan recorded a net inflow of US$3.85 billion in foreign capital during September, while the values of Taiwanese stocks and bonds held by foreigners stood at US$235.4 billion, equivalent to 57 percent of the foreign reserve, at the end of that month, the bank noted.

China remains the holder of the world's largest foreign exchange reserve -- US$3.50 trillion at the end of June, according to its latest quarterly data.

Japan and Russia also owned larger reserves than Taiwan with their holding of US$1.19 trillion at the end of August and US$457 billion at the end of July, respectively, the most recent data showed.

 

(By Kao Chao-fen and Kay Liu)

 

Link, http://focustaiwan.tw/search/201310040038.aspx?q=taiwan's%20foreign%20reserves

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