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Asian holdings of FX reserves up $11.1 bn in August

Asian holdings of FX reserves up $11.1 bn in August
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First Published: Wed, Sep 12 2007. 11 46 AM IST
Updated: Wed, Sep 12 2007. 11 46 AM IST
Singapore, 12 September Asian holdings of foreign exchange reserves, excluding those of China, rose by $11.1 billion in August to $2.2 trillion, RBI data showed.
The overall increase was led by an $8.4 billion jump in Japan’s reserves and a rise of about $3.5 billion in India’s.
By contrast, Taiwan’s reserves slipped by $4.9 billion in August and Malaysia’s reserves fell by $1.7 billion.
China releases reserves data at the end of every quarter, and its reserves totalled $1.33 trillion at the end of June.
A senior government official said last week that China’s foreign exchange reserves, the world’s largest, had reached nearly $1.4 trillion at the end of July.
Asia’s overall holdings of foreign exchange reserves swelled by $182.5 billion to $3.53 trillion in the second quarter of 2007, earlier data showed.
Latest foreign exchange reserve holdings:,15,29,34,43,57,70
Country Reserves As at end-2006 percentage
billion billion change
China 1332.60 Jun 30 1066.30 24.97
Japan 932.16 Aug 31 895.32 4.11
Taiwan 261.37 Aug 31 266.15 1.80
South Korea 255.30 Aug 31 239.00 6.82
India 228.85 Aug 31 177.25 29.11
Singapore 147.60 Aug 31 136.81 7.89
Hong Kong 138.30 Aug 31 133.20 3.83
Malaysia 96.80 Aug 30 82.50 17.33
Thailand 74.40 Aug 31 67.00 11.04
Indonesia 51.43 Aug 31 42.60 20.73
Philippines 30.30 Aug 31 23.00 31.74
Pakistan 16.08 Sep 1 12.90 24.64
Bangladesh 5.22 Aug 31 3.88 34.54
TOTAL 3,570.41 3,145.91 13.49
Asia ex-China 2,237.81
* In April 2005, China injected $15 billion in foreign exchange reserves into the Industrial and Commercial Bank of China, the country’s largest lender, to help it restructure to sell stocks.
* In December 2003, China used $45 billion of reserves to bail out Bank of China and China Construction Bank.
Those funds are not included in this figure.
Sources: central banks. REUTERS
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First Published: Wed, Sep 12 2007. 11 46 AM IST