News Column

July Forex Deposits Hit Record High in South Korea

August 8, 2014

SHANGHAI, August 8, SinoCast -- Bank of Korea data show that resident foreign exchange deposits outstanding came to USD 62.45 billion in South Korea by July end, rising by USD 3.5 billion from June and creating a record high.

Of the total, renminbi deposits reached USD 16.19 billion in July, up USD 4.22 billion from June, and accounted for 25.9% of the total foreign exchange deposits; the two figures both created record highs.

Renminbi deposit rate of Chinese banks' South Korea branches is one percentage point higher than deposit rate of South Korean commercial banks. Under such circumstances, institutional investors in South Korea deposit money into Chinese banks' South Korea branches.

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Source: Sinocast Banking & Credit Beat (China)

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