Korea Ranks 6th in Terms of Forex Reserves

      May 08, 2015 11:14

      Korea has regained the world's No. 6 spot in terms of foreign exchange reserves. According to the Bank of Korea on Thursday, the country's foreign exchange reserves stood at a record US$369.9 billion at the end of last month.

      Korea overtook Brazil for the No. 6 spot in March. The South American country had $362.7 billion in foreign exchange reserves.

      China ranked first with $3.73 trillion, followed by Japan ($1.25 trillion), Saudi Arabia ($698 billion), Switzerland ($582.4 billion) and Taiwan ($417.8 billion).

      Korea's forex holdings grew steadily until July of last year when they reached $368 billion, but fell to $362.2 billion in January as the strengthened greenback drove euro- or pound-denominated reserves down.

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