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Sep 5, 2008, 11:10 GMT

Taiwan's foreign exchange reserves drop 3 per cent in August

Taipei - Taiwan's foreign exchange reserves dropped slightly to 282.09 billion US dollars at the end of August from the preceding month, the central bank said in a statement on Friday. The 3 per cent month-on-month decline was a decrease of 8.81 billion US dollars compared with that of July, but an increase of 11.78 billion US dollars over the same period last year, the bank said. Net foreign capital outflows, including net selling in the local stock market by foreign institutional investors to remit funds abroad, and distribution of cash dividends to foreign investors, were the main factor for the decline, the bank said. The bank has kept its foreign exchange reserves in the denominations of euros, US dollars, Japanese yen and other major currencies in various major overseas banks. The reserves - the fifth largest in the world after China, Japan, Russia and India - have prompted the central bank to mull setting up a sovereign wealth fund.

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