Updated Friday, November 6, 2009 10:00 am TWN, CNA

Taiwan sits on record-high forex reserves in October

TAIPEI, Taiwan -- Taiwan sat on record high foreign exchange reserves of US$341.222 billion as of the end of October, up by NT$8.983 billion from the level recorded in late September, the Taipei-based Central Bank of the Republic of China reported yesterday.

The amount of reserves Taiwan held ranked the country as the world's fourth-largest forex holder in October, after China, Japan and Russia, said Lin Sun yuan, director-general of the central bank's Department of Foreign Exchange.

Lin attributed the forex reserves growth last month to the strong appreciation of major currencies, such as the euro and British pound, against the U.S. dollar, apart from returns from foreign exchange reserve management.

Taiwan held US$332.24 billion in forex reserves as of the end of September — also a new high at the time that was US$6.82 billion more than the figure of NT$325.42 billion in late August, according to the bank.

At the end of September, China had US$2.272 trillion in forex reserves, ahead of Japan's US$1 trillion and Russia's US$368.2 billion.

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