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Macroeconomic Forecast Taiwan

February 2010 | Macroeconomic Forecasts

BMI View Taiwan's foreign exchange reserves hit a record US$350.7bn at the end of January, up US$2.5bn from the previous month. Despite having a population of only 23mn, Taiwan maintains the fourth-largest foreign exchange reserves in the world (behind China, Japan and Russia). We forecast that the Taiwanese authorities will continue accumulating reserves over the coming months, as they continue intervening in foreign exchange markets to hold down the value of the TWD in order to support the trade account. We see Taiwan's reserves growing 17.8% to US$380.0bn over the course of 2010.

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