Taiwan's Renminbi deposits exceed ¥180bn

Renminbi-denominated deposits at financial institutions in Taiwan hit a record high of 182.6 billion yuan (30.2 billion U.S. dollars) as of the end of last year, according to statistics from the island's monetary authority. The deposits include 138.2 billion yuan under the "domestic banking unit" and 44.3 billion yuan under the offshore banking unit. The RMB-denominated deposits under the "domestic banking unit" represented 14.35 times the size of that in the first month (February 2013) after the island began carrying out renminbi transactions. The island's monetary authority attributed the surge to the increase of RMB deposit interest on the island as well as anticipation of RMB appreciation.