Chinese yuan-denominated deposits at banks in South Korea hit a record high as banks offered higher interest rates on savings accounts for consumers, according to Korea’s central bank.
Meanwhile, those of the U.S. dollar fell sharply last month, the Bank of Korea data showed.
Renmibi deposits amounted to $16.2 billion, accounting for almost 26 percent of the total foreign currency deposits as of the end of July.
The portion of dollar deposits fell to 64.5 percent, down 4.5 percent from the previous month and down 18.6 percent from the same period last year, while the total amount of foreign deposits hit a record $62.5 billion.
