Renminbi Account Services

  • renminbirenminbi

    Manage your RMB cash flow efficiently

Overview

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.

Benefits

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To your Trade partner

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  • 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
  • Earn attractive interest.
  • Settling trade in RMB reduces the foreign exchange risk and therefore reducing the ancillary cost of foreign exchange conversion and related hedging instruments.
  • Provide natural hedge for both the imports and exports settled in RMB.

Services

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RMB Current Account

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RMB denominated Trade Transactions

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

Note: For Foreign Incorporated Companies, Account Setup Fee of minimum S$500 applies.

  • 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
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Trade Related Payments

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  • 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

Apply Now

Call Us

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Call us at 1800 226 6121
(Mondays to Fridays, 9.00am to 6.30pm, excluding public holidays)

Email Us