RMB deposits held by banks rebound in Taiwan

TAIPEI, April 21 (Xinhua) — Renminbi (RMB) deposits held by banks in Taiwan rebounded to 282.28 billion yuan (42.34 billion U.S. dollars) at the end of March, 880 million yuan more than February, according to data released by the island’s banking authority.

The rebound in March snapped a decline streak of five consecutive months.

Outstanding yuan-denominated deposits held by the offshore banking units rose by 1.32 billion yuan to 33.99 billion yuan at the end of March from February, pushing up the total balance despite a decline of yuan deposits held by individual investors in March.

However, onshore banking units of Taiwan-based banks cut their positions of yuan deposits by 438 million yuan to 248.29 billion yuan in March due to a redemption of two yuan-denominated bond mutual funds.

Taiwan still ranks as the second largest offshore RMB market, after Hong Kong’s outstanding yuan deposits of 608.3 billion yuan.