04 Jun '11, 9am

Taiwan's foreign reserves 4th largest in world

Taiwan's foreign reserves 4th largest in world

TAIWAN - As of the end of last month, Taiwan's foreign exchange reserves stood at US$398.683 billion (S$490 bil) after a minor setback, the Central Bank of the Republic of China announced yesterday. Only mainland China, Japan, and Russia had higher totals. The US$858 million decrease, the first since last November, was a result of the depreciation of the Euro and other major currencies against the greenback, Lin Sun-yuan, director-general of the central's bank's Department of Foreign Exchange, said yesterday. Taiwan stocks and bonds in the hands of foreign investors, calculated on the basis of current prices, plus their bank deposits in Taiwan, accounted for 65 per cent, or US$260.1 billion, of the country's forex reserves. South Korea and India were the only two countries which saw a decrease in their forex reserves last month; all other countries reported an increase. As...

Full article: http://www.asiaone.com/Business/News/Story/A1Story2011060...

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