Taiwan’s forex reserves hit another new high in Jan 23

• In the wake of a weakening USD, Taiwan’s foreign exchange reserves at the end of Jan 23 hit a new high after converting assets denominated in non-greenbacks in the central bank’s portfolio into the American currency, the central bank said 3 Feb.
• Data compiled by the central bank showed that the country’s forex reserves rose USD2.21bn from Dec 22 to USD557.14bn as of the end of Jan 23, marking the third consecutive month the forex reserves have hit a record high.
• Jan 23 also marked the fourth straight month Taiwan’s forex reserves have moved higher m/m, the central bank said.
• In addition to a depreciating USD, Taiwan’s forex reserves also saw an increase in returns from the management of the central bank’s portfolios from a month earlier, according to the bank.
• As of the end of Jan 23, the value of foreign investors’ asset holdings of Taiwan-listed stocks and bonds and Taiwan dollar-denominated deposits rose from USD459.6bn at the end of Dec 22 to USD551.7bn, central bank data showed.
• Those holdings represent 99% of Taiwan’s total foreign exchange reserves, up from 83% at the end of Dec 22, the data indicated.

External Link : https://focustaiwan.tw/business/202302030023