Philippine banks begin offering Renminbi transactions
China Bank said in the statement that yuan savings accounts would be available in select branches in Metro Manila initially, with the rest of the company's branch network to follow later.
"With the rise of China as one of the world's biggest economies and leading trading partner for most countries, including the Philippines, the China Yuan is poised to become an important currency not just for businesses' transactions with China but also for individuals' investment needs,"the bank said.
"China is expected to further liberalize policies relating to the Yuan that include possibilities for Yuan-denominated investment instruments,"China Bank said.
Customers can convert their yuan in this account to dollar or peso, subject to foreign currency rules by the Bangko Sentral ng Pilipinas. Aside from yuan, China Bank offers savings deposit accounts in U.S. dollar and euro currencies.
Aside from China Bank, other local lenders that have allowed yuan-denominated deposits are the Bank of the Philippine Islands and Metropolitan Bank & Trust Co.
Local banks began offering yuan accounts following 2008's U.S.- led global financial crisis, which resulted in volatile swings in the greenback--the main currency used for the settlement of international transactions.
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