Arab Today, arab today yuan deposits makes up 20 of deposits in south korea
Last Updated : GMT 01:27:57
Arab Today, arab today
Arab Today, arab today

Yuan deposits makes up 20% of deposits in south Korea

Arab Today, arab today

Arab Today, arab today Yuan deposits makes up 20% of deposits in south Korea

Chinese yuan deposits in the banking
Seoul - XINHUA

Chinese yuan deposits in the banking sector of South Korea surpassed a landmark 20 percent of the total foreign currency deposits for the first time in June, central bank data showed Friday.
Bank deposits denominated in the Chinese currency reached a fresh record high of 11.97 billion U.S. dollars as of the end of June, up 0.64 billion dollars from a month earlier, according to the Bank of Korea (BOK).
The figure accounted for 20.3 percent of 58.95 billion dollars in foreign currency deposits combined. The portion exceeded the milestone level for the first time since the BOK began compiling the data since September 2000.
In the past year, yuan deposits in the country surged around 50 times from 260 million dollars in June last year. In December last year, yuan deposits topped 10 percent of the total foreign currency deposits.
The surge came as local financial institutions, or high-yield investors, sought to deposit funds into Chinese banks in Seoul, which offer higher rates.
The one-year rate for deposits denominated in the South Korean won averaged 2.8 percent at the end of last year, lower than yuan deposit rate of 3.3 percent.
The growth trend of Renminbi deposits was expected to continue as China and South Korea agreed to launch the won-yuan direct trading market.
On Thursday, central banks of the two countries signed a memorandum of understanding (MOU) to designate a Chinese bank, which will offer clearance services for the Chinese yuan exchangeable directly for the South Korean won as early as this year.
The launch of the direct yuan-won trading market will reduce transaction costs and currency risks, further fueling demand for yuan deposits among South Korean residents.
The portion of U.S. dollar deposits fell below 70 percent for the first time since September 2004. Bank deposits denominated in the U.S. currency came in at 40.67 billion U.S. dollars, or 69 percent of the total, as of end-June. It was down 1.42 billion U.S. dollars from the prior month.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today yuan deposits makes up 20 of deposits in south korea Arab Today, arab today yuan deposits makes up 20 of deposits in south korea

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday