TAIWAN MARKET EMBRACES RMB OFFERINGS

TAIPEI – Media reports indicate that offshore RMB (CNT) deposits among domestic banking units (DBU) of qualified Taiwanese banks have surpassed RMB 10 billion in the first month of CNT business, which kicked off on February 6. The size of the CNT market is much smaller than the CNH market (which was RMB 624 billion at the end of January), but the market’s growth momentum is impressive given that it took about 10 months for offshore RMB deposits in Hong Kong to surpass RMB 10 billion when the CNH market was launched in February 2004.