Focus Taiwan
Date: 1200/04/2020
By: Pan Tzu-yu and Frances Huang

Taipei, Dec. 4 (CNA) Taiwan's foreign exchange (forex) reserves hit another record high at the end of November as the central bank stepped into the local currency market to slow the Taiwan dollar's appreciation against the U.S. dollar.

In an admission of its market intervention by buying the greenback to cap the gains posted by the Taiwan dollar at a time of continued fund inflows, the central bank said the country's forex reserves as of the end of November stood at US$513.397 billion, up US$12.16 billion from a month earlier.

The growth was the largest-ever month-on-month increase in forex reserves in the country's history, according to the central bank. In November, the U.S. dollar fell 0.35 percent against the Taiwan dollar. Analysts said that without the central bank's support, the greenback could have lost more.

In December, the U.S. dollar continued a downtrend as foreign investors kept moving funds into the region at a time when the major central banks in the world pumped more funds into the market amid the COVID-19 pandemic, analysts said.    [FULL  STORY]