Bank of the Philippine Islands launches yuan-denominated account

Growth in yuan transactions to $25.54mln in 2009 from $7,313 in 2008 prompted Renminbi products offering.

Yuan or Renminbi products of the Bank of the Philippine Islands (BPI) include an interest-earning passbook savings account and time deposit, which will be open for select BPI branches.

"BPI's yuan savings account aims to address the need to safekeep yuan denomination as the Philippine-China economic partnership continues to grow in the domestic market," said BPI.

The bank said offering Chinese yuan will "further strengthen its foreign currency offerings to clients."

The Chinese yuan is the eighth currency available in BPI. Other currency deposit products are US dollars, Japanese yen, euros, British pounds, Australian dollars, Canadian dollars, and Swiss francs. Foreign currency deposits are available in over 50 BPI branches nationwide.

View full report in the Manila Bulletin.

Follow the link for more news on

Bank of the Philippine Islands

Also Read

Japan and Indonesia renew their bilateral swap agreement

Citi poaches JPMorgan banker to lead FX institutional sales in 4 APAC regions

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit