Taiwan's Renminbi deposits exceed 200b yuan

TAIPEI - The Renminbi-denominated deposit balance of Taiwan's financial institutions totaled 214.5 billion yuan ($35.1 billion) at the end of January, according to data released by the island's monetary authority.

The record-high savings level suggests the rising popularity of the currency in Taiwan since local financial institutions launched RMB transactions on February 6 of last year.

Of the deposit figure, 165.8 billion yuan is under the island's 66 "domestic banking units," a 17-fold increase from February 2013. An additional 48.7 billion yuan is under offshore banking units.

The island's monetary authority said the higher RMB deposit interest rate on the island and market anticipation of RMB appreciation had contributed to the surge in deposits.

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