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Taiwan's foreign exchange reserve reaches new high

TAIPEI, Taiwan -- The central bank (中央銀行) yesterday announced that the foreign exchange reserve in June amounted to US$423.454 billion in total.

According to the central bank, the increase in foreign exchange reserves was US$1.8 billion compared to May, and has hit a record high after seven consecutive months. This is the result of the use of foreign exchange reserves investment income, the appreciation of the euro and other currencies against the U.S. dollar, and the additional good performance of Taiwan's stock market.

In addition, through the appreciation of Taiwan's stock market and foreign overbuying, the market value of foreign securities and deposits rose to US$301.6 billion, accounting for about 71 percent of foreign exchange reserves. All these amounts have set records.

Ever since the end of 1990, when Taiwan stocks were opened to foreign investment, they have produced a profit of more than US$3 trillion.

As for the foreign exchange reserves in major economies, due to the strong appreciation of the Korean won, South Korea saw a significant increase from US$5.63 billion to US$366.55 billion. Separately, China, Japan, Russia, Brazil, Hong Kong and India's foreign exchange reserve have also reached more than US$300 billion.

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