Taiwan's RMB Deposits up 0.1% in July

Taiwan's outstanding renminbi (RMB)-based deposits totaled some 293 billion RMB as of the end of July for a monthly increase of 288 million RMB or 0.1%, the lowest rise on record, according to Taiwan's central bank.

Designated domestic banking units (DBUs) absorbed RMB deposits of 240.988 billion RMB for a slight monthly rise of 902 million RMB or 0.38%, with offshore banking units (OBUs) taking 52.038 billion RMB, showing the third consecutive monthly drop of 614 million RMB.

In contrast, Hong Kong saw outstanding RMB deposits as of June down by 29.9 billion RMB from a month earlier to 925.9 billion, more than threefold of Taiwan's.

Bank of China is the appointed RMB clearance bank in Taiwan, with its Taipei branch offering 3% per-annum rate on one-month term deposit on funds from Taiwanese banks, 3.5% for three-months and 3.6% for one-year.

As of the end of June the outstanding value of Taiwan's derivative financial products totaled NT$54.32 trillion (US$1.81 trillion), down  NT$4.34 trillion (US$114.33 billion) or 7.39% from that at the end of March, with the decline due likely to mainly the depreciation of RMB.

In June Taiwan's top five derivative financial product banks were in sequence CTBC Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Cathay United Bank and Bank of America. (JL)