Taiwan Sees RMB Deposits Total Over 180 Billion in 2013

Taiwan witnessed renminbi (RMB) deposits of 182.6 billion RMB or about NT$893.8 billion (US$29.8 billion) as of end of 2013 for a monthly increase of 27.5 billion RMB or about NT$132 billion (US$4.4 billion), according to the statistics released by the central bank.

In the same period deposits of RMB deposits held by designated domestic banking units (DBUs) reached 138.2 billion or about NT$663.36 billion (US$22.1 billion), up  20.9 billion RMB or about NT$100.32 billion (US$3.34 billion) from a month earlier, which would rise to, including that held by offshore banking units (OBUs), 182.6 billion RMB or abut NT$876.48 billion (US$29.22 billion).

Late last year Taiwan floated four kinds of Formosa Bonds with value totaling 6.7 billion RMB or about NT$32.16 billion (US$1.07 billion) and meanwhile the RMB-based funds operated by trust & investment firms here totaled 800 million RMB or about NT$3.84 billion (US$128 million), which together helped push RMB remittance by local residents to 41.2 billion RMB or about NT$197.76 billion (US$6.6 billion) in December of 2013. In the same month the RMB settlement of all domestic banks through the Taipei branch of Bank of China came to 323.1 billion RMB or about NT$1.551 trillion (US$51.7 billion).

Last year Taiwan witnessed UnionPay credit card spending and withdrawal of cash on the island amount to over NT$129.8 billion (US$4.33 billion or about 27.04 billion RMB) for a sharp annual rise of 40%, according to the Financial Information Service Co. here, contrasting the corresponding figure for 2011 of NT$52.2 billion (US$1.74 billion or about 10.88 billion RMB) and for 2012 NT$91.6 billion (US$3.05 or about 19.08 billion RMB). (JL)