Chinese Yuan Account Services
Regulations
PBOC announced the following updates to the CNY cross-border trade settlement pilot programme which came into effect on 17 June 2010:
What does this mean to you?
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Services offered under this pilot scheme
UOB can provide the following services:
Chinese Yuan Current Account Opening:
- For the purpose of facilitating eligible trade transactions between you and the eligible pilot enterprises
Trade Transactions:
- Issue and receive LCs denominated in CNY
- Settlement will only be carried out after receipt of compliant documents - Handle trade collections in CNY
- Provide customers with FX rates for settlement of trade transactions
Trade Related Payments:
- Send and receive trade related payments (MT103) in CNY
- Provide customers with FX rates for settlement of trade related payments
FX Rates:
- Competitive buying and selling rates for CNY (value spot)
- No forwards
Benefits
- Agreement to settle in CNY may help you to get more business as China enterprises are likely to prefer CNY settlements
- China economy is still growing amid the global economic slowdown; holding CNY may be a benefit
- CNY has been appreciating in the past one year to the advantage of exporters
More Information
For more information on Chinese Yuan Account Services, contact:
UOB Transaction Banking
80 Raffles Place, #05-00, UOB Plaza 1,
Singapore 048624
Tel: (65) 6539 8704
Fax: (65) 6536 7488
Email: TransactionBanking@UOBgroup.com
UOB Transaction Banking
80 Raffles Place, #05-00, UOB Plaza 1,
Singapore 048624
Tel: (65) 6539 8704
Fax: (65) 6536 7488
Email: TransactionBanking@UOBgroup.com
Useful Information
Uniplus Account Rates
| Savings Amount | Rates |
|---|---|
| First S$3,000 | 0.2500 |
| Next S$47,000 | 0.2750 |
| Next S$50,000 | 0.3750 |
| Remaining Balance Above S$100,000 | 0.4750 |