Renminbi Account Services
At UOB, we have the expertise, knowledge and products to help you tap the benefits presented by the continued internationalisation of Renminbi (RMB) and the liberalisation of China's RMB Cross Border Trade Settlement Scheme.
Manage your RMB cash flows more efficiently with the suite of services offered by the UOB RMB Account.
What does this mean to you?
- Gain greater access to the Chinese market by redenominating your trade transactions with China in RMB.
- Benefit from a more transparent and efficient pricing if you pay your Chinese suppliers in RMB.
- Have the option to convert your eligible trade-related transactions to RMB using UOB’s onshore RMB foreign exchange rate.
- Effectively manage your foreign exchange risks and funding costs by switching your payment currency to RMB.
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
- Competitive buying and selling rates for RMB (value spot)
- No forwards
- No initial deposit required for opening UOB RMB Account
- Not required to maintain minimum balance for UOB RMB 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
- Interest bearing, please click here for rates
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
- For more information on UOB RMB Account, please contact:
Your Relationship Manager