Forex reserves rise to US$544.9bnBy Crystal Hsu / Staff reporterTaiwan’s foreign exchange reserves last month totaled US$544.9 billion, rising US$1.32 billion from August to a record for the second straight month, the central bank said yesterday, crediting foreign-exchange management. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民) said that the US dollar gained 1.73 percent last month, allowing the bank’s investment gains to more than absorb unfavorable exchange twists. Taiwan’s foreign exchange reserves last month totaled US$544.9 billion, rising US$1.32 billion from August to a record for the second straight month, the central bank said yesterday. That explained why foreign portfolio investors trimmed their holdings in local shares and New Taiwan dollar deposits, which totaled US$691.3 billion last month, or 1.27 times the value of the nation’s foreign exchange reserves, he said. Taiwan remained the world’s fifth-largest holder of foreign exchange reserves, trailing China, Japan, Switzerland and India, the central bank said.

Source: Taipei Times October 05, 2021 15:56 UTC