The central bank announced that the balance of foreign exchange deposits at the end of December was US$554.932 billion, which continued to hit a record high.

(Photo by Central News Agency)

[Reporter Chen Meiying/Report from Taipei] The central bank announced today that the balance of foreign exchange reserves at the end of December was US$554.932 billion, an increase of US$2.731 billion from November, continuing to hit a record high and firmly ranking fourth in the world.

However, due to the strong U.S. dollar, exchange rate factors, and central bank adjustments, the increase in foreign exchange reserves last year was US$6.524 billion, the lowest increase since 2015.

Cai Jiongmin, head of the State Administration of Foreign Exchange, pointed out that in addition to the increase in foreign exchange reserves in December, the U.S. dollar index fell in December, and most currencies appreciated against the U.S. dollar. 1.14%, sterling rose 0.56%, and the central bank’s holdings of foreign currency assets converted to U.S. dollars increased, which also led to an increase of 2.731 billion U.S. dollars in foreign exchange reserves in December compared with November.

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Cai Jiongmin said that in November, foreign capital remitted about US$950 million in principal, plus a total of US$3 billion in surplus remittances, which is similar to foreign capital selling more than 80 billion yuan in concentrated markets in December.

However, due to foreign capital overselling and remittance concentrated in early December, foreign capital went on vacation one after another, and the financial market performance was relatively stable.

Last year, China's foreign exchange reserves increased by US$6.524 billion, a record low since 2015.

Cai Jiongmin pointed out that the amount of foreign exchange deposits changes every year. In 2020 and 2021, due to the implementation of QE in the United States, the amount of foreign exchange deposits increased by a large amount. In the context of the appreciation of the U.S. dollar last year, exchange rate factors and the central bank also sold some (dollars). Savings decreased, but due to the increase in yield, it finally maintained a year-by-year growth trend.

According to the central bank's data, the central bank made adjustments in March, April, July, August, September and November last year to maintain the stability of the NT dollar exchange rate. Most of the rest is to throw foreign exchange to maintain stability of Taiwan dollars.

China's foreign exchange reserves are currently the fourth largest in the world, and the top three are China, Japan and Switzerland.

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