Wed, Feb 09, 2011 - Page 12 News List

Forex reserves reach fresh record high

By Amy Su  /  Staff Reporter

The nation’s foreign exchange reserves rose to a fresh high of US$387.11 billion last month as the weak US dollar helped boost the conversion value of assets in other currencies, the central bank said yesterday.

That represented an increase of US$5.11 billion from US$382 billion in foreign exchange reserves in December last year, the central bank said yesterday.

Taiwan’s foreign exchange reserves amounted to US$379.26 billion in November.

EURO’S HELP

“The main factor behind the increase came from the appreciation of the euro and other main currencies versus the US dollar,” Lin Sun-yuan (林孫源), the director-general of the central bank’s department of foreign exchange, said during a press briefing.

Investment gains also helped increase Taiwan’s foreign exchange reserves, Lin said.

Taiwan safeguarded its position of holding the world’s fourth--largest foreign exchange reserves, behind China, Japan and Russia, the central bank said.

TOP THREE NATIONS

China’s foreign exchange reserves expanded to US$2.85 trillion in December, while Japan and Russia’s foreign exchange reserves last month stood at US$1.03 trillion and US$440 billion, respectively, according to the statistics provided by the central bank.

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