Yuan-denominated products offered in BPI
Major banks in the Philippines are now offering yuan-denominated savings accounts. The latest to join the ranks of local banks who offer these products is the Bank of the Philippine Islands.
The yuan or Renmibi products of BPI would be opened in the first week of the new Chinese New Year of the Metal Tiger. These products include an interest-earning passbook savings account and time deposits, although only selected BPI branches would be carrying these products.
The bank said it’s yuan savings account aims to address the need to safe keep yuan denomination as the Philippine-China economic partnership continues to grow in the domestic market. BPI said offering Chinese yuan will “further strengthen its foreign currency offerings to clients.”
The Chinese yuan transaction is expected by the Bangko Sentral ng Pilipinas (BSP) to grow this year because of the expanded trade between China and the Philippines.
BSP said Renminbi business is expected to grow as “more banks become acquainted with the business opportunities in the Chinese currency.”
February 14, 2010
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Tags: Banks, Chinese currency, Foreign exchange, money, Philippines, Renminbi, yuan В· Posted in: banking, Corporations, Customer Service, economy, finance, Foreign exchange, International relations, money, Philippine banks, Philippine business news, Philippines, Products
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