Taiwanese banks' yuan deposits up to $42.34b in March

RMB deposits held by offshore banking units rose by $200m to $5.06b.

The yuan deposits of Taiwanese banks broke five consecutive months of decline after inching up 0.31% or to $42.34b (RMB282.28b) in March reports China’s state news agency Xinhua.

Data revealed that outstanding RMB-denominated deposits held by the offshore banking units rose by $200m (RMB1.32b) to $5.06b (RMB33.99b) at the end of March from February, pushing up the total balance despite a decline in yuan deposits held by individual investors during the month.

On the other hand, the yuan deposits of offshore banking units fell by $65.25m (RMB438m) to $36.99b (RMB248.29b) in March due to a redemption of two RMB-denominated bond mutual funds.

Taiwan still ranks as the world’s second largest offshore RMB market, trailing only behind o Hong Kong where RMB deposits hit $90.62b (RMB608.3b).