Chinese yuan deposits dip to 64-month low at end-June

Focus Taiwan
Date: 2019/07/15
By: Pan Tzu-yu and Frances Huang

Taipei, July 15 (CNA) Chinese yuan deposits held by banks operating in Taiwan fell to the lowest level in 64 months at the end of June as banks lowered interest rates, making the currency less attractive to investors, the central bank said Monday.

Despite a stronger yuan against the U.S. dollar in June, data compiled by the central bank showed the balance of yuan deposits at banks in Taiwan as of the end of the month, including negotiable certificates of deposit, totaled 265.16 billion yuan (US$38.60 billion), down 3.12 billion yuan from the end of May.

The yuan deposits held by banks in Taiwan at the end of June fell for the third month in a row and also dipped to the lowest since February 2014, when the balance stood at 247.05 billion yuan.

In June, the yuan rose about 0.78 percent against the U.S. dollar amid easing trade tensions between Washington and Beijing as global financial markets widely turned upbeat about the trade issue ahead of a meeting scheduled between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit at the end of the month.    [FULL  STORY]

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