Foreign currency deposits up for 3rd month in August

Foreign currency deposits increased for the third straight month in August as companies increased U.S. dollar-denominated deposits after export settlement, central bank data showed Thursday. Residents' outstanding foreign currency-denominated deposits reached US$100.41 billion at end-August, up $5.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, foreigners who have stayed in South Korea for more than six months and foreign companies. The data excludes interbank foreign currency deposits. By currency, dollar-denominated deposits rose by $5.53 billion to $83.57 billion, and Japanese yen-denominated deposits fell by $290 million to $9.81 billion last month. Euro-denominated deposits also climbed by $700 million to $4.83 billion, and Chinese yuan-denominated deposits increased by $30 million to $1.04 billion, according to the data. Corporate deposits came to $85.25 billion as of August, up $5.92 billion from the previous month, with in dividual holdings rising by $50 million to $15.16 billion. Source: Yonhap News Agency