Chinese yuan deposits held by Taiwanese banks last month fell 1.04 percent to 239.11 billion yuan (US$37.1 billion), as local investors lost some interest in the currency and favored other financial assets to pursue better yields, the central bank said yesterday.
The latest yuan deposit balance is the lowest in five months and represented the second straight month of decline, it said.
“The retreat in yuan deposits had much to do with a drop in interest rates for yuan deposits,” the central bank said, as investors continually moved capital around to pursue better yields.
Photo: Kelson Wang, Taipei Times
Corporate and retail accounts showed less interest in yuan, the bank said.
Yuan deposits held by domestic banking units weakened by 1.14 percent to 207.58 billion yuan, compared with 209.97 billion yuan in March, the bank said.
Meanwhile, yuan deposits at offshore banking units shrank 0.43 percent from 31.67 billion yuan to 31.53 billion yuan, it added.
Remittance via offshore banking units picked up 10.71 percent year-on-year to 66.5 billion yuan as cross-strait trading via third locations gained momentum, the bank said.
Globally, Taiwan’s yuan deposits ranked the second-largest, next only to Hong Kong’s 772.5 billion, and ahead of Singapore’s 152 billion yuan and South Korea’s 11.6 billion yuan, the bank said.
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