Yuan deposits in Korea mark 4th-largest increase in May

Economy

Published: 13 Jun. 2014, 20:55

Yuan deposits in Korea mark 4th-largest increase in May

Yuan deposits at banks in Korea rose by a total of $1.42 billion in May to a record $11.33 billion due to increased investment by local institutions in China, the central bank said yesterday.

It was the fourth-biggest monthly gain on record in yuan deposits, but was a decline from April’s net increase of $2.02 billion, Bank of Korea data showed. It was the 11th consecutive month that yuan deposits reached a record high. China is Korea’s largest trade partner, accounting for about one-quarter of total exports.

The central bank said all deposits in foreign currencies including the yuan rose by a net $1.21 billion during May to reach a record $59.63 billion.

Reuters