China Bank opens yuan savings deposit product

MANILA, Philippines - China Banking Corp. (China Bank) has opened a yuan savings account to cater to clients’ trade, investment and remittance requirements for the currency. The new product will initially be available in selected China Bank branches in Metro Manila. The China Bank yuan savings account will have a minimum initial deposit and maintaining balance 2,500 yuan. It is interest-earning and comes with a passbook. The account is accessible over-the-counter at the selected servicing branches or via the Internet, 24/7, through China Bank Online, China Bank’s multi-awarded Internet banking portal. Customers can convert their yuan in this account to dollar or peso, subject to the rules of the Bangko Sentral ng Pilipinas on foreign exchange. Aside from yuan (renminbin), China Bank has been offering savings deposit accounts in US dollar and euro currencies.