FX reserves hit record high of $351.79 billion

South Korea's foreign exchange reserves reached a record high of US$351.79 billion as of the end of February, the central bank said Thursday.

The figure represents an increase of $3.4 billion from $348.39 billion tallied a month earlier.

The Bank of Korea (BOK) said the FX reserves increased on the back of a rise in investment profit and hike in the value of non-dollar assets.

The FX reserves have risen since July last year.

As of the end of January, South Korea ranked seventh in terms of foreign exchange reserves in the world.

China retained its top spot with $3,821.3 billion, followed by Japan ($1,277.1 billion), Switzerland ($532.4 billion), Russia ($498.9 billion) and Taiwan ($416.9 billion).

Park Sae-jin swatchsjp@ajunews.com