Focus Taiwan
Date: 10/07/2020
By: Su Ssu-yun and Frances Huang

Taipei, Oct. 7 (CNA) Taiwan's foreign exchange reserves hit a new high at the end of September as the central bank entered the forex market to prop up the U.S. dollar in a bid to limit the appreciation of the Taiwan dollar, the bank said Wednesday.

Data compiled by the central bank showed the country's forex reserves as of the end of September rose US$1.429 billion from a month earlier to reach a record high of US$499.598 billion.

Speaking to reporters, Henry Yen (顏輝煌), head of the bank's Foreign Exchange Department, cited the bank's intervention to cap the increase in the value of the Taiwan dollar by buying the greenback as one of the reasons for the growth in reserves.

Yen said the growth also resulted from an increase in additional returns on the bank's foreign currency investments.    [FULL  STORY]