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Non-resident yuan deposits in Hong Kong reached over 800 mln yuan by Sept
November 12, 2012 / 10:01 AM / 5 years ago

Non-resident yuan deposits in Hong Kong reached over 800 mln yuan by Sept

HONG KONG, Nov 12 (Reuters) - Offshore yuan deposits from non-resident personal customers in Hong Kong amounted to more than 800 million yuan ($128.1 million) just two months after the business kicked off at the start of August, according to the Hong Kong Monetary Authority.

More than 12,000 accounts had been opened by non-resident customers by the end of September, the city’s de facto central bank said in a filing submitted to the Legislative Council.

The outstanding volume of yuan certificates of deposits (CDs) reached 115.4 billion yuan by end-September.

Hong Kong was previously at a disadvantage before the business was allowed, losing out on yuan flows from foreign retail investors to financial centres in Singapore and London, which have no such restrictions.

Yuan deposits in Hong Kong, the largest offshore market for the Chinese currency, fell to 545.7 billion yuan in September, down 1.2 percent from a month earlier.

The filing also showed that trade flows denominated in yuan had become more balanced between mainland China and Hong Kong, although payments from Hong Kong to the mainland surpassed those from the mainland to Hong Kong for a second quarter in the three months to September.

The former British colony remains dominant in yuan trade settlement, with 1,930 billion yuan handled by banks in Hong Kong in the first nine months, accounting for more than 90 percent of China’s trade settlement denominated in yuan. ($1 = 6.2450 Chinese yuan) (Reporting by Michelle Chen; Editing by Kim Coghill)

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