Yuan deposits in Taiwan break 200 billion mark
Central News Agency
2014-02-14 11:19 PM
Taipei, Feb. 14 (CNA) Chinese-yuan denominated deposits in Taiwan's banking system reached 214.522 billion yuan (US$35.36 billion) as of the end of January, setting a new high, the Central Bank of the Republic of China (CBC) said Friday. The yuan-denominated deposits in domestic banking units (DBUs) amounted to 165.819 billion yuan as of the end of January, while yuan deposits in offshore banking units (OBUs) reached 48.703 billion yuan, the central bank said. Taiwan's DBU gained permission on Feb. 6, 2013 to carry out yuan-denominated transactions. Yuan-denominated deposits in DBU that month totaled 9.63 billion. In just one year, the amount shot up 17.22 times to 165.819 billion yuan last month. Yuan-denominated deposits in OBUs meanwhile totaled 48.703 billion at the end of January, making a one fold increase. The sharp increase of yuan-denominated deposits could be attributed to investors being lured by higher interest rates banks offered on yuan deposits than on Taiwan dollar accounts. Also, investors are anticipating the appreciation of Chinese yuan. Singapore-based DBS Bank has earlier forecast that yuan deposits in Taiwan will surpass 300 billion yuan by the end of this year. In related development, the Chunghwa Post announced Friday a new service-- yuan remittance. According to the central bank, yuan remittance reached 580.4 billion yuan as of January. (By Kao Chao-fen and Lilian Wu)
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