Cross-strait financial cooperation is growing quickly, as shown by the amount of yuan denominated deposits in Taiwan banks. According to the Bank of Taiwan. Total yuan denominated deposits reached nearly 50 billion yuan, or 8.1 billion U.S. dollars by the end of March.
This comes less than two months after the operation launched. Analysts expect yuan deposits will continue to increase in coming months, and forecast the total would hit 100 billion yuan by the end of 2013.
If more yuan denominated products are offered in Taiwan market, they think the figure could reach 1 trillion yuan in the next three to five years, making up 10 to 15 percent of Taiwan?s total deposits.
