Taiwan’s RMB deposits hit new high despite slower growth

Want China Times
Date: 2015-07-17

Renminbi-denominated deposits held by banks operating in Taiwan as of the end of June hit a

Chinese banknotes. (Photo/China Times)

Chinese banknotes. (Photo/China Times)

new high, but growth has shown signs of moderating, according to the central bank.

Statistics released by the central bank on Wednesday indicate that the balance of renminbi deposits received by banks in Taiwan as of the end of June totaled 338.22 billion yuan (US$54.6 billion), up 0.57% from a month earlier.

The latest month-on-month growth rate was lower than 1.8%, 1.7% and 1.9% recorded in March, April and May, respectively.

Market analysts said that the lower growth reflects moves by the People’s Bank of China (PBOC), China’s central bank, to cut interest rates four times since November 2014. They said that the lower interest rates in China prompted investors to move their funds out of their renminbi deposit accounts.     [FULL  STORY]

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