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Taiwan banks' yuan deposits hit fresh high at end of March

TAIPEI--Chinese yuan-denominated deposits at Taiwan-registered banks hit a new high at the end of March, but the pace of increase showed signs of moderating, according to statistics released by Taiwan's central bank.

Yuan deposits in Taiwanese banks totaled 268.39 billion yuan (US$43.29 billion; NT$1.3 trillion), up 21.34 billion yuan from the end of February, central bank figures showed.

The month-on-month increase in March, however, was lower than the February rise of 32.53 billion yuan.

Taiwan's central bank attributed the slower pace of growth in yuan deposits to fears of greater volatility in the Chinese currency after the People's Bank of China doubled the range in which the currency is allowed to fluctuate against the U.S. dollar to 2 percent on March 17.

As of the end of March, yuan deposits in domestic banking units of Taiwanese banks totaled 211.86 billion yuan, up from 192.57 billion yuan a month earlier, the statistics showed.

Yuan deposits in offshore banking units of the Taiwanese banks at the end of March rose to 56.53 billion yuan, from 54.48 billion yuan a month earlier, the data showed.

Yuan-denominated loans at the end of March reached 14.67 billion yuan, up from 14.21 billion yuan a month earlier, while yuan-denominated remittances rose to 88.62 billion yuan, up from 70.65 billion yuan the month before, the central bank said.

Taiwanese banks cleared 311.8 billion yuan through Bank of China's Taipei branch in March, compared with 276.9 billion yuan recorded in February, the central bank added.

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