Taiwan surpasses RMB100bn in offshore RMB deposits in a month

Tremendous response from the market.

According to BBVA, a number of media outlets in Taiwan reported that offshore RMB (CNT) deposits among domestic banking units (DBU) of qualified Taiwanese banks have surpassed RMB 10bn, only one month since the commencement of CNT business, which kicked off on February 6.

"The size of the CNT market is much smaller compared to the CNH market (which was RMB 624bn by the end of January). Nevertheless, the market’s growth momentum is impressive given that it took about ten months for offshore RMB deposits in Hong Kong to surpass RMB 10bn when the CNH market was launched in February 2004," said BBVA.

"Relatively higher RMB deposit rates in the CNT market, along with the transfer of offshore RMB from other offshore RMB centers to Taiwan are likely the drivers. Looking ahead, a gradual increase in the use of RMB for cross-strait trade settlements, and the eventual utilization of a RMB 100bn RQFII quota for Taiwanese investors (which is under consideration by the CSRC), would further boost offshore RMB deposits in Taiwan," it added.

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