TAIPEI (Taiwan News) — Taiwan’s foreign exchange reserves ranked seventh globally, surpassing Italy and France.

Taiwan’s reserves reached NT$20 trillion (US$605.5 billion), per JoongAng Daily. The gain reflects steady accumulation and puts Taiwan ahead of several major European economies, per CNA.

South Korea’s reserves, meanwhile, dropped to NT$13.55 trillion at the end of March. The NT$126.94 billion decline marked the largest monthly fall in 11 months and pushed the country to 12th place.

A Bank of Korea official said the drop was driven by a stronger US dollar, which reduced the value of non-dollar assets. Authorities also used reserves to stabilize the won, including through currency swaps.

South Korea was overtaken by Italy and France partly due to rising gold prices. The two countries value gold at market prices, while South Korea uses acquisition cost, affecting rankings.

China remains the world’s largest holder of foreign exchange reserves at NT$109.85 trillion, followed by Japan. Switzerland, Russia, India, Germany, and Taiwan round out the top ranks.