Focus Taiwan
Date: 01/06/2020
By: Pan Tzu-yu and Frances Huang

Taipei, Jan. 6 (CNA) Taiwan's foreign exchange reserves hit a new high at the end of December in part because of central bank intervention in the local foreign exchange market to limit the Taiwan dollar's appreciation, the bank said Monday.

An increase in returns on the central bank's investment portfolio and the gains made against the greenback by other foreign currencies in the bank's investment portfolio also contributed to the new high, the bank said.

Taiwan's foreign exchange reserves totaled US$478.13 billion at the end of December, up US$4.08 billion from a month earlier.

Harry Yen (顏輝煌), head of the bank's Foreign Exchange Department, said that as foreign institutional investors pumped large amounts of funds into the forex market, the U.S. dollar faced heavy downward pressure and the Taiwan dollar appreciated sharply.    [FULL  STORY]