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Biz News Korea(Eng)
S. Korea’s forex reserves hit a record high in May
- Collected
- 2017.06.05
- Distributed
- 2017.06.08
- Source
- Go Direct
According to the Bank of Korea on Monday, Korea’s currency reserves gaining for the third straight month reached $378.46 billion at the end of May, up $1.89 billion from the previous month. The last peak was $377.77 billion in September 2016.
Sharp fall in the U.S. dollar bolstered value in assets denominated in other currencies.
The euro gained 2.8 percent and the yen 0.4 percent against the greenback last month as the dollar retreated from questions about U.S. President Donald Trump’s economic promises.
The value in holdings in securities including government and corporate debt and asset-backed securities increased $10.94 billion to $350.26 billion. Gold reserves remained the same at $4.79 billion.
As of the end of April, South Korea’s foreign exchange reserves were eighth largest in the global scale. China topped the list with $3.029 trillion, up $20.4 billion from last month, followed by Japan ($1.242 trillion), Switzerland ($750.2 billion), Saudi Arabia ($500.2 billion), Taiwan ($438.4 billion), Russia ($401 billion), and Hong Kong ($400.1 billion).
By Boo Jang-won
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