Yuan bonds sold in Taiwan

Deutsche Bank said Wednesday that it sold 1.1 billion yuan ($179 million) worth of yuan-denominated bonds in Taiwan, making it the first foreign issuer to sell yuan debt in the market.

The bond issuance reflects the strong demand for yuan assets in Taiwan, the bank said in a statement.

Deutsche Bank also estimates that Taiwan's yuan deposit base will grow to 100 billion yuan by the end of 2013, and to 200 billion yuan in the next two to three years, supported by diversification demand from investors.