March forex reserves hit high at US$419.2 bil.


By Kathryn Chiu , The China Post

TAIPEI, Taiwan — The Central Bank of the Republic of China (Taiwan) said the nation’s foreign exchange reserves amounted to US$419.2 billion as of the end of March 2014, an increase of US$1.22 billion from the figure recorded at the end of the previous month. The bank indicated that the reason Taiwan’s foreign exchange reserves reached new highs is, for one thing, due to the returns from foreign exchange reserves management; for the other, the appreciation of the euro and other currencies against the U.S. dollar. Foreign Exchange Deputy Director-General Harry Yen (顏輝煌) told local media that the currency value of the euro rose upward of 0.6 percent, pushing up the value of foreign exchange reserves denominated in euro in terms of the base currency, the U.S. dollar. Simultaneously, data of the Financial Supervisory Commission showed that the net influx of foreign capital saw a high level of US$3.247 billion, viewed by local media outlets as the main driving force behind the new high record set by Taiwan’s forex reserves. South Korea also released forex data for March, showing reserves of US$354.34 billion, up US$2.55 billion from the previous month, while Russia’s was down US$6.7 billion in March to US$486.6 billion, according to the Central News Agency (CNA).

China, which publicizes forex reserve data by quarter, remains the holder of the world’s largest foreign exchange reserves at US$3.82 trillion at the end of December, according to its latest quarterly data.