Taiwan enjoys new high in forex reserves

Taipei, Taiwan's foreign exchange reserves had hit a historic high of US$460.441 billion as of the end of September, up US$562 million from August -- the third consecutive monthly rise, the central bank announced Friday.

The growth can be attributed to increased returns from the bank's fund management despite an appreciating U.S. dollar, said Yen Hui-huang (???), director-general of the Department of Foreign Exchange.

Taiwan's stock market, meanwhile, slid 0.52 percent in September, reflecting a fall of US$1.7 billion from August in Taiwanese stock holdings by foreign institutional investors, Yen said.

In September, foreign institutional investors recorded a net fund outflow of US$1 billion, according to Yen.

According to central bank data, holdings of Taiwanese stocks, bonds and Taiwan dollar-denominated deposits by foreign institutional investors had reached US$394.3 billion as of the end of last month, accounting for 86 percent of the country's total forex reserves.

Source: Focus Taiwan News Channel