South Korea's Foreign Reserves Increase in July

South Korea's foreign reserves rose for the second consecutive month in July, reaching 427.95 billion US dollars. This figure represents an increase of 590 million US dollars from the previous month, following a 370 million US dollar gain in June, according to data from the Bank of Korea. The central bank attributed the growth to the issuance of foreign exchange stabilization bonds and a rise in the US denominated value of foreign currency deposits during market stabilization measures. Foreign securities, which include US Treasuries, decreased by 340 million US dollars to 380.01 billion US dollars, making up 88.8 percent of total reserves. Meanwhile, foreign currency deposits rose by 860 million US dollars to 23.13 billion US dollars, and special drawing rights increased by 60 million US dollars to 15.7 billion US dollars. Gold bullion holdings remained steady at 4.79 billion US dollars, and the reserve position with the International Monetary Fund grew by 10 million US dollars to 4.32 billion US dollars. As of the end of June, South Korea ranked as the 10th largest holder of foreign reserves globally, moving up from 13th place. China held the top position, followed by Japan, Switzerland, Russia, and India.