MANILA, Philippines - East West Banking Corp. (EastWest Bank) is offering renminbi (RMB) savings account, time deposit, loan, remittance and trade financing.
This is in addition to its current offerings of deposit products, consumer loans, credit cards, corporate credit facilities, treasury, trust, cash management services and emerging markets banking products.
China is now regarded as the new frontier in global trade and business. Most Chinese businesses prefer overseas partners who trade in RMB because it eliminates foreign exchange risk from their cost base.
RMB is gaining popularity as the currency for global trade as it is now the second most used currency next to the US dollar.
Businesses always seek easy transacting with their counterparts anywhere in China through EastWest trade financing services with letters of credit (L/Cs) and option to choose the currency of settlement upon maturity.
EastWest Bank president Antonio C. Moncupa said that the clients could also avail of RMB-denominated loans, aside from additional working capital.
The bank also provides forward RMB rates for hedging against foreign currency risk as well as remittance services to China.
The RMB-denominated products are being offered in partnership with Bank of China, the most internationalized bank in China with 620 offices in more than 40 countries.
It has over 11,000 branches all over China and is also considered the top RMB bank in the world in terms of cross-border settlement, products and services.
Meanwhile, the savings account offers one-percent interest rate per annum for a minimum deposit and opening balance of CNY500 while the time deposit currently offers 2.5-percent interest rate for a minimum placement of CNY 5,000 with term option of either 30, 60, 90 or 180 days.
China is the country’s third largest trading partner and fastest growing market for Philippine exports for more than five years, and business transactions for local companies saw an impressive yearly growth of 55 percent.