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Taiwan expected to increase use of yuan
By Hu Xiaocen |
February 4, 2013, Monday
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Online Edition
Online Edition
TAIWAN'S yuan liquidity pool is expected to reach 140 billion yuan (US$22 billion) within a year after banks on the island launched business in the currency this week, a private report said.
Local banks in Taiwan can accept deposits and extend loans in yuan before the Chinese New Year after establishing clearing accounts with the Bank of China's Taipei branch, Taiwan said last month in a statement.
"A direct clearing system will strengthen yuan usage in cross-strait trade and enhance Taiwan's yuan liquidity pool," Nathan Chow, economist at DBS Bank, said in a report today. "We predict the yuan liquidity pool in Taiwan may reach 140 billion yuan by the end of 2013 or early 2014, which accounts for about 2 percent of local deposits."
According to the report by the Singapore-based lender, Taiwan's yuan liquidity is derived from the island's 65 billion yuan trade surplus with the mainland, 21.5 billion yuan in deposits held by Taiwanese offshore banking units and 50 billion yuan in deposits transferred by Taiwan businesses in Hong Kong.
Local banks in Taiwan can accept deposits and extend loans in yuan before the Chinese New Year after establishing clearing accounts with the Bank of China's Taipei branch, Taiwan said last month in a statement.
"A direct clearing system will strengthen yuan usage in cross-strait trade and enhance Taiwan's yuan liquidity pool," Nathan Chow, economist at DBS Bank, said in a report today. "We predict the yuan liquidity pool in Taiwan may reach 140 billion yuan by the end of 2013 or early 2014, which accounts for about 2 percent of local deposits."
According to the report by the Singapore-based lender, Taiwan's yuan liquidity is derived from the island's 65 billion yuan trade surplus with the mainland, 21.5 billion yuan in deposits held by Taiwanese offshore banking units and 50 billion yuan in deposits transferred by Taiwan businesses in Hong Kong.
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