Description

Foreign currency deposit is a deposit denominated in foreign currency or other special payment means of international settlement.

Presently, available foreign currency deposit with the bank are convertible currencies as USD, HKD, JPY, EUR, GBP, AUD, CAD, etc. The deposit can be made with foreign banknote or foreign exchange. However, the foreign banknotes accepted by the bank are limited to USD, HKD, JPY and EUR presently.

Features

•  Threshold of the demand foreign currency deposit is RMB 20 or equivalent, and RMB 100 or equivalent for time deposit.

•  Deposit period: 1 month, 3 months, 6 months, 1 year and 2 years.

•  Interest rates are quoted from the PBOC.

Handling Directions

•  Available currencies for foreign currency deposit are convertible currencies as USD, HKD, JPY, EUR, GBP, AUD, CAD, etc. However, accepted foreign banknotes for foreign currency deposit are limited to USD, HKD, JPY and EUR presently.

•  Available foreign currencies for cash withdrawal are limited to USD, HKD, JPY and EUR. Cash withdrawal of deposit in other foreign currencies shall be handled by converting it into any, part or all of the named 4 currencies.

•  For the foreign exchange account, you can conduct three kinds of operations, cash withdrawal in the original currency upon maturity, outward remittance in accordance with relevant regulations of the State Administration of Foreign Exchange (SAFE), and RMB conversion according to the listed exchange rate.

•  For the foreign banknote account, only cash withdrawal in the original currency can be freely carried out. Remittance to other place domiciled in the PRC or to overseas shall be handled in compliance with relevant regulations of the SAFE.