Taiwan's RMB deposit reaches highest over six months

TAIPEI, Jan. 18 (Xinhua) -- The renminbi-denominated deposit balance of Taiwan's financial institutions increased to 244.49 billion yuan (about 37.65 billion U.S. dollars) at the end of December 2020. It was the highest over the past six months, the island's monetary agency said on Monday.

The figure was around 8.63 billion yuan higher than, or up 3.66 percent over that at the end of November 2020, the most significant monthly growth since April 2014, the agency said at a press release.

It has grown for three consecutive months, largely due to the increasing deposits from enterprises in the mainland and the recent appreciation of the RMB, the statement said.

Of the total deposit balance, 208.94 billion yuan was under the island's 65 authorized banks, up by 4.04 billion yuan over November. An additional 35.55 billion yuan was under 57 offshore banking units, up by 4.59 billion yuan month on month.

Banks in Taiwan have been allowed to operate RMB businesses since February 2013.