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TAIPEI: As of early October, renminbi-denominated deposits in Taiwan's banks have exceeded the 100-billion-yuan (US$16 billion) mark, marking a new historical record, said Taiwan's Central Bank yesterday.
According to the central bank, as of the end of September, the number of banks in Taiwan conducting domestic banking unit (DBU) and offshore banking unit (OBU) operations was tallied at 62 and 55, respectively. Reminbi deposits under the DBU scheme reached a scale of 66.28 billion yuan, up by 11.829 billion yuan from figures recorded in August, while OBU deposit amounts recovered from a slump at the end of August, swelling to a scale of 32.379 billion yuan in September, up by 1.689 billion yuan.
Meanwhile, at the end of September, overall deposits of renminbi at Taiwan's banks reached a scale of 98.659 billion, recording an increase of 13.518 billion yuan from August, while in September, the volume of transactions in renminbi totalled 173 billion yuan, according to the central bank.
Loans and discounts denominated in renminbi under the DBU scheme in August were tallied at 18 million yuan, down by four million yuan on the month previous. Figures for the same category under the OBU scheme increased by 9.011 billion yuan in August, propelled by a month-on-month surge of 853 million yuan. As of the end of September, total loans and discounts under the OBU and DBU schemes reached a scale of 9.029 billion renminbi.
However, yuan-denominated cross-boarder wire transfers and remittances have been in a persistent decline. Transfers of funds under the DBU scheme were totalled at 15.566 billion in September, down by 530 million yuan from August, while the flow of funds under the OBU scheme, at 21.409 billion yuan, posted a month-on-month decline of 2.61 billion yuan. Total wire transfers of funds denominated in renminbi totalled 36.975 billion yuan in September, down by 2.663 billion yuan on the previous month.
Incidentally, central bank governor Perng Fai-nan had earlier confirmed the inclusion of the yuan in the nation's foreign reserves, but declined to provide specifics on the amount of renminbi held.
According to reports, renminbi deposits in Taiwan are anticipated to reach a scale of 150 billion yuan by the end of 2013.
While still in the fledgling stage, Taiwan's renminbi deposits represent a paltry 13.9 per cent of the 709.463 billion yuan held among Hong Kong's financial institutions.
US$1 = 6.12 yuan
– By arrangement with the ANN/The China Post –