WORLD S.Korea's foreign reserves keep record-breaking trend for 3 months

WORLD

S.Korea's foreign reserves keep record-breaking trend for 3 months

Xinhua

14:52, January 06, 2020

SEOUL, Jan. 6 (Xinhua) -- South Korea's foreign currency reserves kept a record-breaking trend for the third straight month through December, central bank data showed Monday.

US dollar-VCG.jpg

(File photo: VCG)

Foreign reserves reached a new high of 408.82 billion U.S. dollars as of the end of December, up 1.36 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The record-breaking trend continued for the third consecutive month amid the U.S. dollar's weakness versus major peers that led to an increased conversion value of non-dollar assets.

The European single currency and the British pound appreciated 1.8 percent and 1.6 percent each against the dollar last month, with the Japanese yen and the Australian dollar advancing 0.6 percent and 3.4 percent respectively.

The country's foreign currency reserves were composed of 385.02 billion dollars of securities, 12.85 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.35 billion dollars of special drawing rights (SDR) and 2.79 billion dollars of International Monetary Fund (IMF) positions.

South Korea was the world's ninth largest holder of foreign reserves as of the end of November, unchanged from the previous month. 

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