DBUs See RMB Deposits in Taiwan DBUs Soar to 192.57 Billion as of February 2014

The domestic banking units (DBUs) of Taiwanese banks witnessed an increase of 26.752 billion in renminbi (RMB) deposits in February, bringing the total outstanding RMB-based deposits at the end of the month to 192.571 billion RMB. This increase pushed the ratio of RMB to 24% of total foreign currency deposits in Taiwan's banking system, up from 13%, according to the Central Bank.

In the same month, RMB deposits in the offshore banking units (OBUs) of Taiwan's domestic banks jumped by 32.529 billion RMB, or 15% from a month earlier, to 247.051 billion.

The Central Bank attributes the sharp rise in RMB deposits to the inward remittance of profits earned by overseas enterprises and to the transfer of deposits from other foreign currencies to RMB. (JL)