Taiwan's forex reserves hit new high in July | Economics | FOCUS TAIWAN - CNA ENGLISH NEWS

Taipei, Aug. 6 (CNA) As of the end of July, Taiwan's foreign exchange reserves hit a new high, mainly due to increased returns from the central bank's fund management, the bank said Monday.

At the end of July, Taiwan had total forex reserves of US$458.49 billion, an increase of US$1.37 billion from a month earlier, the central bank data shows.

In July, the euro rose about 0.8 percent against the U.S. dollar, so when euro-denominated assets are converted into the U.S. currency in the central bank's asset management portfolio, the latest forex reserves increased accordingly, the bank said.

However, the greenback remained strong against other currencies.

Central bank data showed the Taiwan dollar fell 0.37 percent against the U.S. dollar, while the Chinese yuan plunged 2.87 percent and the South Korean won shed 0.38 percent in June.

According to the central bank, holdings of Taiwanese stocks, bonds and Taiwan dollar-denominated deposits by foreign investors stood at US$393.7 billion at the end of July, up US$15.8 billion from a month earlier.

(By Chiu Po-sheng and Ko Lin)


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