Foreign currency deposits hit 8-month high in April

Foreign currency-denominated deposits at banks in South Korea reached an eight-month high in April, buoyed by a rise in both U.S. dollar and Chinese yuan deposits, data showed Friday.

Foreign currency deposits held by residents reached $68 billion last month, nearing a record $68.6 billion posted in August last year, according to the Bank of Korea. It increased by $5.3 billion from a month earlier.

Only deposits that were made by local citizens, foreign companies and foreigners who have stayed here for more than six months were tallied. The data excludes inter-bank foreign currency deposits.

Deposits in the greenback, which accounted for 61.1 percent of all foreign deposits, rose by $3.4 billion over the month to $41.6 billion.

Chinese yuan deposits gained $1.2 billion on-month to $19.8 billion, snapping a five-month declining streak. Deposits in the euro and Japanese yen each rose to $2.3 billion and $2.8 billion, according to the data. (Yonhap)