April 11, 2014 / 3:01 AM / in 4 years

S.Korea's end-March yuan bank deposits step up to $7.9 bln worth

SEOUL, April 11 (Reuters) - Yuan deposits at banks in South Korea rose $270 million to a record $7.9 billion at the end of March, central bank data showed on Friday, while foreign exchange deposits shrank last month.

The Bank of Korea data showed foreign exchange deposits at foreign banks in the country rose $1.7 billion in March to $15 billion, mainly due the increase in yuan holdings. However, foreign exchange deposits at local banks fell $3.2 billion to $36.2 billion.

The central bank statement did not give a specific reason for the rise in yuan holdings, but these deposits have surged since last year due to higher returns in China.

Foreign exchange deposits in all banks in South Korea slipped $1.6 billion to $51.1 billion at end-March, compared to $52.7 billion at end-February. (Reporting by Christine Kim; Editing by Shri Navaratnam)

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