Taiwan's foreign exchange reserves fell by $2.88 billion to $594.3 billion as of the end of July, the Central Bank of the Republic of China (Taiwan) said in a Wednesday release.

The pace was slower than the $7.92 billion decrease recorded at the end of the previous month.

The central bank attributed the change to returns from foreign exchange reserves management, exchange rate movements of other reserve currencies against the US dollar, and intervention by the central bank to manage volatile capital flows.