RMB Deposits at Taiwan's OBUs Hit High of 19.3B. RMB as of October, ‘12

Dec 11, 2012 Ι Industry In-Focus Ι Furniture Ι By Judy Li, CENS
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Taipei, Dec. 11, 2012 (CENS)--Thanks to the spot rate of renminbi (RMB) against the U.S. dollar growing to 0.76%, RMB deposits held by offshore banking units (OBUs) of Taiwan's domestic banks climbed to 19.304 billion RMB or about NT$90.7 billion (US$3.02 billion) at the end of October, the highest ever since OBUs began handling RMB business on July 21, 2011, according to the central bank here.

In the same period, the said OBUs also recorded new highs in RMB-based loans, assets, and cross-border trade settlement.

A senior official at the central bank indicated that RMB deposits at OBUs posted a monthly rise of 1.329 billion RMB or 7.4% to 19.304 billion in October, which is expected to exceed 20 billion RMB at the end of November. And the ratio of RMB loan-to-deposits at Taiwan's OBUs sharply rose to 44.5% in October from 39.8% in August.

So far 48 OBUs handle RMB businesses. In October the trade value handled by OBUs totaled US$62.734 billion or about 390.8 billion RMB. Of which, the RMB-based cross-border trade settlement took a slight share of 1.35% or 5.272 billion RMB, which still obviously grew from the corresponding 3.828 billion RMB in August and 5.158 billion RMB in September.
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