Taiwan News
Date: 2016-09-24
By: Central News Agency

Chinese yuan-denominated deposits held by banks operating in Taiwan stopped a six-month losing streak in August for the currency partly due to many banks’ efforts to hike yuan deposit rates in a bid to attract more funds, according to the local central bank.
Furthermore, the bank said that a scheduled inclusion of the yuan into the International Monetary Fund’s reserve basket — the Special Drawing Rights (SDRs) — in October has also boosted investors’ interest in holding the yuan.

Citing data, the central bank said that the balance of yuan deposits, including negotiable certificates of deposit (NCDs), held by banks in Taiwan totaled 305.82 billion yuan (US$45.85 billion) as of the end of August, up 214 million yuan or 0.07 percent from a month earlier.

In February 2013, Taiwan’s central bank lifted a ban against local banks’ domestic banking units (DBUs) conducting yuan-denominated transactions, including yuan deposits.     [FULL  STORY]