TAIPEI: Chinese yuan-denominated remittances from Taiwanese banks at the end of December rose about 44 percent from a month earlier amid warming business ties across the strait, according to Taiwan’s central bank.
The central bank’s statistics showed that yuan remittances through Taiwanese domestic banking units (DBUs) and offshore banking units (OBUs) totaled 319.04 billion yuan (US$51.46 billion) at the end of December, up 44.18 percent from the end of November.
In addition to an increase in business exchanges, analysts said that the launch of the Shanghai-Hong Kong Stock Connect trading platform in November also sped up the pace for local investors to move funds denominated in the yuan overseas in order to buy stocks in Shanghai.The stock link is a mechanism through which foreign investors are able to trade Chinese A-shares in Hong Kong, and investors in Shanghai can trade Hong Kong shares in China.
Yuan remittances through local banks’ DBUs at the end of December rose 77.96 billion yuan from a month earlier to 197.19 billion yuan, while yuan remittances through local banks’ OBUs hit 121.85 billion yuan, up 19.82 billion yuan from a month ago, the data showed.
