Central Bank of China

PRESS RELEASE Release Date: January 5, 2004




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FOREIGN EXCHANGE RESERVES AS OF

DECEMBER 31, 2003


The Foreign Exchange Reserves of the Republic of China amounted to US$206.63 billion at the end of December 2003, showing an increase of US$3,799 million from the figure recorded at the end of last month and an increase of US$44,976 million compared to the end of last year.

The main factors responsible for the increase in foreign exchange reserves in December 2003 are :

1.The Euro and Japanese yen both appreciated against the US dollar. Foreign exchange reserves denominated in these currencies were worth more in terms of the base currency, the US dollar

2. Returns from foreign exchange reserves management

3. Foreign capital inflows



Note: The next dissemination will be made at 16:20 p.m. on February 5, 2004;

the advance release calendar can be accessed on our website at: http://www.cbc.gov.tw/EngHome/ESDDS/calacal.asp