Foreign exchange reserves score record high two months in row
The China Post news staffTAIPEI, Taiwan -- Taiwan's foreign exchange reserves stood at US$409.388 billion at the end of August, hitting a historic high for the second consecutive month, the Central Bank of the Republic of China (Taiwan) said yesterday.
September 6, 2013, 12:02 am TWN
The figure represented an increase of US$2.7 billion from last month, the monetary authority said.
The foreign reserves increased despite the negative impact bought on by the depreciation of the euro against the U.S. dollar.
According to the latest data released by central banks around the world, most nations saw an increase of foreign exchange reserves except for India, Russia and Hong Kong. Mainland China still holds the largest foreign exchange reserves in the world, with US$3.4967 trillion at the end of June. It is followed by Japan, which had foreign exchange reserves of US$1.1876 trillion at the end of July.
Taiwan's central bank currently holds the largest foreign exchange reserves among the four Asian Tigers. South Korea's foreign reserves stood at US$320.3 billion at the end of August, Hong Kong at US$291.1 billion at the end of July and Singapore at US$258.3 billion at the end of July.