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S.Korea's USD deposits reduce first time in 5 months

Xinhua, December 11, 2015 Adjust font size:

The U.S. dollar-denominated deposits in South Korea reduced for the first time in five months, central bank data showed Friday.

The dollar deposits came in at 48.62 billion dollars as of the end of November, down 0.83 billion dollars from the previous month, according to the Bank of Korea (BOK).

It marked the first decrease in five months as some of public corporations withdrew the dollar funds to pay back foreign debts.

Deposits denominated in the Chinese yuan shed 0.63 billion dollars from a month earlier to 6.56 billion dollars as of end-November, posting the lowest in two years.

The decline in yuan deposits kept a downward trend from late last year amid lower yuan deposit rates and rising hedging costs to swap the South Korean currency into the Chinese one.

Including other currencies-denominated deposits like the Japanese yan and the euro, foreign currency deposits reached 62.31 billion dollars as of end-November, down 1.09 billion dollars from a month earlier.

The foreign currency deposits refer to those deposited by local residents and foreigners staying here for more than six months. Enditem