Asian holdings of FX reserves up $11.1 bn in August

Asian holdings of FX reserves up $11.1 bn in August

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

* 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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