Yuan deposits hit 70 billion
The central bank said on Thursday that 70.1 billion Chinese yuan (US$11.43 billion) had been deposited in Taiwan as of Tuesday, up from the 66.29 billion yuan recorded at the end of last month. Outstanding balance of yuan deposits totaled 34.42 billion yuan in the 58 domestic banking units in Taiwan as of the end of last month, while those in the 55 offshore banking units reaching 31.87 billion yuan, according to data by the central bank. The amount of Chinese yuan remitted by Taiwanese totaled 42.84 billion yuan last month, statistics showed. All Taiwanese banks settled a total of 94.7 billion Chinese yuan last month through the Bank of China’s (中國銀行) branch in Taipei — the clearing bank for yuan in Taiwan, the central bank said.
UMC to partner with IBM
United Microelectronics Corp (UMC, 聯電) said on Thursday it had set up an alliance with IBM Corp to join the IBM Technology Development Alliance as a participant in the development of 10-nanometer (nm) process technology. The Taiwanese chipmaker said in a statement that it will send an engineering team to IBM’s 10nm process development center in Albany, New York. The company hopes to complete the first phase of development by the end of next year, it said. UMC and IBM also work together on the 14nm FinFET (fin field-effect transistor) process.