Chinese yuan deposits in Taiwan banks fall to lowest in over 6 years

Focus Taiwan
Date: 08/22/2020
By: Pan Tzu-yu and Frances Huang

Taipei, Aug. 22 (CNA) Chinese yuan deposits held by banks in Taiwan fell to the lowest in six and a half years at the end of July, due to a drop in interest rates, according to the central bank.

Central bank data showed yuan deposits in domestic banks dropped to 240.99 billion yuan (US$34.83 billion) in July, down 184 million yuan from the previous month.

It was the lowest level since February 2014, when yuan deposits stood at 247.05 billion yuan, according to the data.

A continued decline in interest rates on the yuan made the currency less attractive to many investors, who moved their funds into other holdings, the central bank said.    [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.