China Bank starts offering CNY savings accounts

Move to tap currency’s booming popularity, as China is expected to further liberalize policies for yuan-denominated investment instruments.

Sy-led China Banking Corp. (China Bank) has begun to offer yuan-denominated savings accounts, following the lead of other banks.

The China Bank savings account requires an initial deposit and maintaining balance of 2,500 yuan ($386.62). It is interest-earning and comes with a passbook.

China Bank, in a statement on Friday said, "Initially available in selected China Bank branches in Metro Manila, the China Bank Yuan Savings Account is intended to cater to clients’ trade, investment and remittance requirements for the currency. With the rise of China as one of the world’s biggest economies and leading trading partner for most countries, including the Philippines, the yuan is poised to become an important currency not just for businesses transactions with China but also for individuals’ investment needs, as China is expected to further liberalize policies relating to the yuan that include possibilities for yuan-denominated investment instruments."

China Bank also offers dollar and euro deposit accounts.

The Bangko Sentral ng Pilipinas, in December 2006, included the yuan among currencies convertible with the central bank.

Following this, local banks such as the Philippine National Bank, Bank of the Philippine Islands, Metropolitan Bank & Trust Co., Banco de Oro Unibank, Inc. and Rizal Commercial Banking Corp. began offering yuan-denominated products.

View the full story in Business World.

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Tags: China Bank, CNY savings accounts, yuan-denominated services