Taiwan's net international investment position at the end of 2008 was US$576.7 billion, which kept the country in its rank as the world's sixth largest net foreign creditor, according to a report released Monday by the Central Bank of the Republic of China. At the end of 2008, the external assets held by Taiwan were valued at US$877.8 billion, up 1.2 percent from the year-earlier level, mainly due to an increase in Taiwan's official reserve assets as well as foreign loans and deposits by Taiwanese banks, the central bank said. Residents' portfolio investment, however, shrank by US$60.1 billion, or 24.1 percent, as the private sector holdings of foreign securities decreased in reaction to the global financial crisis. Meanwhile, the country's external liabilities went down 22.5 percent to US$301.1 billion, as a result of lower stock prices and reduced acquisitions of Taiwanese stocks by foreign investors. The net international investment position of US$576.7 billion posted by Taiwan was lower only than that of Japan, China, Germany, Hong Kong and Switzerland, according to the central bank. The United States, with net external liabilities of US$2.44 trillion, was the world's largest net foreign debtor in 2008, followed by Brazil, France, Australia and Mexico. 