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Taiwan's RMB Deposits Exceed 300Bn. RMB in September

Nov 12, 2014 | By Judy Li

The outstanding renminbi (RMB) deposits held by Taiwan's domestic banks increased five billion RMB from a month earlier to 300.429 billion RMB at the end of September, according to Taiwan's central bank.

H. H. Yen, deputy director general of Foreign Exchange Dept. of the central bank, attributes such rise to appreciation of RMB, preferential interest of RMB deposits offered by domestic banks, and increasing demand for RMB by enterprises.

Of the total RMB deposits, the designated domestic banking units (DBUs) took the lion's share of 248.213 billion RMB for a monthly rise of 4.85 billion RMB, with the offshore banking units (OBUs) holding the remaining 52.216 billion RMB, up 400 million RMB from the previous month to end the fourth consecutive monthly fall.

As of the end of September the foreign-currency deposits accounted for 14% of the total deposits in the banking system in Taiwan, with RMB deposits held by DBUs taking a share of 28.57% of the foreign-currency deposits, contrasting South Korea's 29%.

In September Taiwan saw RMB remittance total 123.174 billion RMB for the highest monthly on record, shooting up 80.77% or 55.036 billion RMB from the corresponding figure of the previous month. Of the total, 74.937 billion RMB was remitted through DBUs for a sharp monthly rise of 33.3 billion RMB, 48.237 billion RMB through OBUs, up 21.736 billion RMB from the previous month.

Taiwan's central bank statistics show Formosa bonds issued in the same month totaled six billion RMB, with the outstanding value of such bonds totaling 23.4 billion RMB. As of September the outstanding RMB-based discounts and loans came to 18.378 billion RMB, up 697 million RMB from a month earlier. Of which, 18.065 billion RMB was extended by OBUs for a monthly increase of 1.34 billion RMB and 313 million RMB by DBUs for a monthly drop of 643 million RMB. (JL)    


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