Taiwan’s forex reserves continue to hit new high

Taiwan’s foreign exchange reserves continued to climb in September, reaching a record high of US$447 billion, up US$700 billion from the previous month. (NOWnews file photo)

Taipei (CNA) – Taiwan’s foreign exchange reserves continued to climb, reaching a record high of US$447.21 billion at the end of September, up US$0.795 billion from the previous month, according to data released Thursday by the central bank.

It was the sixth consecutive month since March that Taiwan’s foreign exchange reserves have risen.

Central Bank of the Republic of China (Taiwan, 中央銀行) attributed the increase in September mainly to returns on foreign exchange reserve investment.

Holdings of Taiwanese stocks and bonds by foreign investors was calculated to be at US$375.9 billion, approximately 84 percent of the foreign exchange reserves, the central bank said.

Harry Yen (顏輝煌), head of the bank’s Foreign Exchange Department, told the Central News Agency that the increase in Taiwan’s foreign exchange reserves was also due to the difference in exchange rates between the U.S. dollar and other major international currencies, as well as the good returns from investments.

According to the central bank’s statistics, the foreign exchange reserves totaled US$437.526 billion by the end of March. 

By Lin Mo-zo and William Yen