SINGAPORE -- Renminbi deposits in Singapore fell during the first three months of 2015, marking the first quarterly drop since June 2013, according to the latest update by Monetary Authority of Singapore (MAS) on Wednesday.

According to figures updated on MAS's website, deposits denominated in the Chinese currency in Singapore totaled 257 billion yuan (S$55.6 billion) at the end of March, down from 277 billion yuan (S$60.2 billion) at the end of December 2014. This marks the first quarter-on-quarter drop since MAS has started publishing the figure in June 2013.