RCBC accepts yuan deposits

MANILA, Philippines - The Rizal Commercial Banking Corp. (RCBC) is now offering a yuan savings account.

This latest foreign currency deposit instrument gives individuals and companies a secure means of growing their reserves of Chinese yuan, also called renminbi. Customers will also be able to convert this currency to either dollar or peso subject to the guidelines of the Bangko Sentral ng Pilipinas (BSP) on foreign exchange.

The new account comes with a specially designed passbook that offers detailed transaction history to help them track their cash flow. They can also access their accounts over the counter or via RCBC Access One, the bank’s all-in-one Internet banking portal.

“The RCBC Yuan Savings Account demonstrates our responsiveness to the needs of our customers. There is a vast business opportunity in trading with the yuan, and we expect this to grow even further this year,” Lorenzo V. Tan, RCBC president and chief executive officer, said.

Tan explained that the Philippines’ growing relationship with China has opened up the market for yuan, particularly in areas of trade, tourism, education, agriculture and other economic sectors. Having a yuan-denominated savings account will provide greater ease to those who frequently visit and trade with China, such as exporters and investors.

Tan also pointed out that the yuan is one of the most stable currencies worldwide, having fared much better through the economic crisis of 2008 than other higher-risk currencies.

“China’s increasing role as a global economic leader and its attempts to boost the international usage of its currency are some of the factors that will cause the yuan to further appreciate in value in the coming years,” he said.