Taiwan’s foreign exchange reserves increased by US$2.835 billion to US$424.79 billion as of the end of August, reaching a record high.
The central bank said on Friday that the increase was mainly due to profits generated by investments made with the nation’s foreign exchange reserves and the euro and other reserve currencies’ appreciation against the US dollar.
The central bank said the balance of stocks, bonds, and deposits denominated in New Taiwan Dollars held by foreign investors stood at US$250.7 billion as of the end of August. This accounts for almost 60% of Taiwan’s foreign exchange reserves. The figure was down from the US$277.6 billion in July.