And here's how Taiwan's central bank has been struggling to sterilize the massive rise in capital inflows in the second half of 2020. What you're looking at is the breakdown of factors affecting changes in reserve money (which grew 10.5% yoy in November, and will certainly have accelerated further in December).
First, of course, CBC's holdings of foreign assets have surged - to NT$730bn in the last 6m, from $309mn six months previously. That would push reserve money up. So to keep reserve money in some sort of control, govt has been running down its deposits with CBC, whilst the central bank itself has been issuing certificates of deposits to soak up as much excess cash as they can. That effort has counteracted the foreign capital inflows to the tune of NT$766bn over the last six months, up from NT$129bn six months ago.
