South Korea saw its foreign exchange reserves decline by more than $800 million in a month.

According to the Bank of Korea on the 4th, foreign exchange reserves in May were $426.99 billion, down $880 million from the previous month ($427.88 billion).

The Bank of Korea explained that reserves decreased due to market-stabilization measures including an FX swap with the National Pension Service.

By asset class, deposits, which are cash-like assets, came to $21.35 billion, up $2.59 billion from the previous month ($18.76 billion).

In contrast, securities, which make up most of the reserves and include U.S. Treasuries, agency bonds, and corporate bonds, decreased by $3.39 billion to $380.68 billion over the month. Special Drawing Rights (SDR) also fell by $30 million to $15.78 billion over the same period.

As of end-April, South Korea ranked 12th worldwide in the size of its foreign exchange reserves.

China ranked first with $3.4105 trillion. Japan followed with $1.383 trillion. Next were Switzerland at $1.0823 trillion, Russia at $758.7 billion, and India at $690.7 billion.