Despite the recent rise in the RMB exchange rate, the market is not optimistic about China's economic prospects, causing RMB deposits to plummet.

(Bloomberg)

Last year hit a 9-year low of 36.6 billion yuan

[Reporter Chen Meiying/Taipei Report] Although the RMB exchange rate has risen recently, the market is not optimistic about China's economic prospects, causing RMB deposits to plummet.

According to the statistics of the Central Bank, the balance of RMB deposits in the Bank of China at the end of December 2022 fell below the 200 billion yuan (hereinafter the same) mark, a new low since January 2014. Silver RMB deposits are reduced by 366 per year.

5.5 billion yuan.

According to the statistics of the central bank, the balance of RMB deposits in the Bank of China in December last year was 1952.

○500 million yuan, a monthly decrease of 78.

1.7 billion yuan or three.

85%, the deposit balances of designated foreign exchange banks (DBU) and international financial business branches (OBU) fell in tandem.

Please read on...

Among them, the DBU deposit balance in December last year was 1665.

Two or three billion yuan, a monthly decrease of fifty-eight.

6.6 billion.

Central bank officials pointed out that the DBU's corporate and personal households have decreased.

From the perspective of legal person households, the main reason is that major electronics manufacturers have settled and sold RMB payment income into NT dollars, and some companies have remitted RMB to invest abroad and paid import payments in RMB.

Retail investors have reduced their RMB deposits for 22 consecutive months since the beginning of 2021.

Fed's interest rate hike boosts dollar deposits

The central bank official stated that the recent appreciation of the RMB exchange rate, but it is still "overshadowed" compared with the US dollar, especially in recent years, the Fed's strong interest rate hikes have led to a strong rise in the US dollar. In three.

More than 5%, even looking at 4%, "the exchange rate is good, the interest rate is also high", "the stability is also poor", attracting retail investors and legal persons to "change their minds" and switch to US dollars.

The director of Huiyin pointed out that the RMB deposit business has been declining since the start of the US-China trade war in 2018. In addition to the fact that the interest rate of RMB time deposits is not as good as before, China’s economy has faced downside risks in recent years, and the performance of the currency has been unstable. One of the reasons for favoring RMB fixed deposits.

According to statistics, since the Bank of China launched the RMB deposit business in February 2013, it has soared to 200 billion yuan in less than a year, and it has remained at more than 300 billion yuan since September 2014. ○In December 18, it fell below 300 billion yuan, and in December 2022 it fell below 200 billion yuan.

Grasp the pulse of the economy with one hand I subscribe to Free Finance Youtube channel

Already added friends, thank you

Welcome to 【Free Finance】

feel good

Already liked it, thank you.