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Yuan deposits in Taiwan reach record 247 billion

Yuan deposits in Taiwan reach record 247 billion

Taipei, March 14 (CNA) Chinese-yuan denominated deposits in Taiwan's banking system reached 247 billion yuan (US$40.2 billion) as of the end of February, setting a new high, the Central Bank of the Republic of China (Taiwan) said Friday. The yuan-denominated deposits in domestic banking units (DBUs) amounted to 192.5 billion yuan as of the end of February, while yuan deposits in offshore banking units (OBUs) reached 54.4 billion yuan, the central bank said. According to the central bank's January data, yuan-denominated deposits in DBUs accounted for 24 percent of Taiwan's foreign currency deposits, about the same percentage as seen in Hong Kong. Market analysts said the significant amount of yuan deposits in Taiwan showed local investors' enthusiasm toward the Chinese currency as banks here tended to offer higher interest rates on yuan deposits than on Taiwan dollar accounts. Local investors also preferred to hold yuan amid expectations of the currency's further appreciation against the U.S. dollar. (By Wu Chin-chun and Lee Hsin-Yin)


Updated : 2021-06-17 14:42 GMT+08:00