By: Chiu Po-shen and Evelyn Kao
Taipei, May 5 (CNA) Taiwan’s foreign exchange (forex) reserves rose to a new high of US$433.184 billion in April, representing an increase for the third consecutive month since February, according to statistics published Thursday by Taiwan’s central bank.
The forex reserves grew by US$1.583 billion month-on-month to reach US$433.184 billion as of the end of April, according to the latest data.
The central bank attributed the growth mainly to profits generated by investments made with the nation’s forex reserves and the depreciation of the U.S. dollar against most major currencies, such as the euro, during the month, which caused dollar-denominated forex reserves to increase.
The balance of stocks, bonds and deposits denominated in Taiwan dollar held by foreign investors was US$265.6 billion as of the end of April, accounting for 61 percent of total forex reserves. The amount was a 4 percent decline from March due mainly to a slump in Taiwan’s stock market and foreign investors cutting their holdings of local shares. [FULL STORY]