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Yuan is continuing gaining popularity in South Korea

Recently I wrote that yuan is becoming popular in South Korea. Below enclosed update on this topic. The rise in deposits is really breathtaking.

Yuan deposits reaches 30 pct of S.Korea's total foreign currency deposits

Portion of Chinese yuan deposits in South Korea's total foreign currency deposits reached nearly 30 percent, leading a record high of deposits denominated in foreign currencies, central bank data showed Friday.

Yuan deposit by residents in South Korea totaled 19.97 billion U.S. dollars as of end-August, up 3.78 billion dollars from a month earlier, according to the Bank of Korea (BOK). Residents mean South Koreans and foreigners staying here more than six months.

The figure accounted for 29.1 percent of the total deposits denominated in foreign currencies, which reached a new high of 68. 6 billion dollars in August, up 6.15 billion dollars from the prior month.

After topping 10 percent in December last year, the portion of yuan deposits continued to rise above 20 percent in June. The rate was expected to breach the 30 percent level this month.

Source: Xinhua