Chinese currency deposits at Taiwanese banks totaled 290.08 billion yuan (US$46.55 billion) at the end of last month, up 0.88 percent from the 287.54 billion yuan recorded at the end of April, the central bank said yesterday.
However, yuan deposits at the 57 offshore banking units (OBUs) last month fell 5.06 percent from a month earlier to 56.9 billion yuan, which the central bank attributed to lower yuan remittances by corporates.
The yuan’s recent depreciation also affected public appetite for yuan deposits, the bank’s Department of Foreign Exchange Deputy Director-General Harry Yen (顏輝煌) said.
“Exchange rate trends are a major determinant of investor interest,” Yen told a press conference.
Last month’s yuan deposits at the 67 domestic banking units (DBUs) rose 2.45 percent from a month ago to 233.18 billion yuan, data showed.
Remittances by Taiwanese totaled 73.58 billion yuan last month, with the amount of yuan settlements handled by the Bank of China’s (中國銀行) branch in Taipei amounting to 327.7 billion yuan, according to the central bank.