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Renminbi (Onshore) Account Services

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Overview

UOB RMB (Onshore) Account offers you a suite of services to enable you to manage your onshore Renminbi cash flows more efficiently. With the continued liberalisation of China’s RMB Cross Border Trade Settlement Scheme, tap on UOB’s expertise and regional knowledge to find out how to leverage the latest regulation under this scheme to take advantage of its benefits.

Services offered

UOB offers the following RMB Account services:

RMB Current Account Opening:

  • For the purpose of facilitating eligible trade transactions between you and the eligible trade partner.

RMB denominated Trade Transactions:

  • Issue Letters of Credit
    - Settlement will only be carried out after receipt of compliant documents
  • Advise Letters of Credit
  • Negotiate Letters of Credit
  • Transferable Letters of Credit
  • Export Documentary Collections
  • Import Documentary Collections
  • Banker’s Guarantee
  • Provide customers with FX rates for settlement of trade transactions

Trade Related Payments:

  • Send and receive trade related payments (MT103) in RMB
  • Provide customers with FX rates for settlement of trade related payments

FX Rates:

  • Competitive buying and selling rates for RMB (value spot)
  • No forwards

Benefits

  • To you:
      • No initial deposit required for opening UOB RMB (Onshore) Account
      • Not required to maintain minimum balance for UOB RMB (Onshore) Account
      • Agreement to settle in RMB may help you to get more China related business as your trade partner may prefer to settle trade in RMB
      • Manage your RMB foreign exchange risk in a single account
      • Holding RMB in your account for future trade settlements to provide natural hedge
      • China economy is still growing amid the global economic slowdown; holding RMB may be a benefit
      • In the event RMB appreciates, it will be advantageous to exporters to settle in RMB

       

  • To your Trade partner:
      • Settling trade in RMB will reduce his foreign exchange risk and thereby reduce the ancillary cost of foreign exchange conversion and related hedging instruments
      • Provide natural hedge for both the imports and exports settled in RMB

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