By Chris Wang / Staff reporter
Increasing yuan deposits in Taiwan without sufficient regulation could exacerbate the nation’s economic dependence on China in the future and leave the banking industry open to Chinese manipulation, a Taiwan Solidarity Union (TSU) lawmaker said yesterday.
Citing central bank statistics, TSU Legislator Lai Cheng-chang (賴振昌) told a press conference that the total amount of yuan in Taiwan as of May this year was more than NT$290 billion (US$9.63 billion), of which more than 60 percent was deposited at the Bank of China’s Taipei branch.