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South Korea yuan bank deposits set new record in May
June 13, 2014 / 3:00 AM / 3 years ago

South Korea yuan bank deposits set new record in May

SEOUL, June 13 (Reuters) - Yuan deposits at banks in South Korea rose by a net $1.42 billion during May to a record $11.33 billion mainly on increased investment by local institutions in China, the central bank said on Friday.

It was the fourth-biggest monthly gain on record in yuan deposits, but fell back from April’s net $2.02 billion rise, Bank of Korea data showed. It was the 11th consecutive month for yuan deposits to reach a record high.

China is South Korea’s largest trade partner, taking around 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, although deposits in currencies other than yuan fell slightly.

U.S. dollar-denominated deposits accounted for 70.6 percent of total foreign-currency deposits at end-May, far outpacing the yuan’s 19 percent, the data showed. (Reporting by Jungmin Jang; Editing by Choonsik Yoo and Eric Meijer)

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