2011 1 11, the New York branch of Bank of China website to hang out for U.S. customers notice of the RMB trading business, which allows American companies and individuals through the bank account in RMB business.
New York branch of Bank of China Q & A on the RMB business, the Formally accepted the RMB business in fact already begun, and now New York and Los Angeles metropolitan area to carry out this business.
Bank of China said, allowing companies and individuals through the sale of its New York branch of the RMB account. The Bank of New York and Los Angeles to provide RMB business customers savings and current accounts on a regular basis.
Bank of China said that according to the domestic market and offshore renminbi transactions to customers in the U.S. market to set exchange rates.
RMB to U.S. customers trading services
learned that customers in the personal RMB deposit account minimum funding requirements of the U.S. dollar account for the same. Minimum deposit of RMB current accounts for the equivalent of 500 dollars for yuan, RMB fixed deposit minimum deposit $ 1,000 for the equivalent of the Renminbi deposit of 6 months and 1 year.
while the threshold relatively high corporate customers more, Bank of China New York Branch, said the company current account minimum deposit of RMB equivalent of USD 5,000 for the RMB, the company checking account minimum deposit of RMB equivalent of $ 3,000 for the RMB, the company minimum deposit of RMB deposit accounts for the equivalent of $ 1,000 RMB.
Although the RMB transactions in the United States, but the New York branch of Bank of China said that at present the bank does not accept RMB cash the deposit and withdrawal services.
a foreign exchange analyst at broker mainland to the , indicating strong demand for the yuan, and it is recognized. freely convertible foreign currencies has increased the pace.
Li Xiaojing, general manager of the Bank of China New York Branch, said a media interview, .
does not mean that is now freely convertible
than 2 billion U.S. dollars. With the further strengthening of the renminbi means to go in that direction. time, perhaps that time could be achieved RMB fully convertible capital account, and even more ahead of time to.
global foreign exchange strategist at HSBC Holdings DavidBloom said yesterday: Attention will turn to other currencies is, like the renminbi.
CICC recently released research report is expected in the next 12 months will be real effective exchange rate rose by 5%, while the pace of appreciation may be accelerated with the rise in inflationary pressures, due to rising commodity and food prices is to promote domestic CPI inflation factors.
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Qu Hongbin, HSBC
: RMB 5 years, global trade is expected to among the three major currencies
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from Shanghai
Qu Hongbin, chief economist at HSBC Greater China yesterday (January 12) in Shanghai, said inflation in 2011 will be the year, CPI inflation rate during the first half of which will be re-bounced back to 5%, even up to 6% .
in monetary policy, Qu Hongbin, that the first half of 2011, China should at least raise the deposit reserve ratio by 200 basis points or more, while at least two 25 basis point interest rate increase, and the deposit reserve ratio increase and interest rates should be introduced before the Spring Festival.
Qu Hongbin that the second half of 2011 in order to put 5% to 6% inflation rate was controlled at around 4%, China should, or M2, the growth rate of loan growth down to below 16%.
different point of view of most people, Qu Hongbin, RMB appreciation as opposed to a tool to control inflation, mainly because China is a commodity consumer, to curb inflation through appreciation of the effect is much less than most people imagine.
Qu Hongbin that the yuan will continue, slowly against the dollar, but the rate of appreciation will be very slow, the annual increase of 3% to 5%, respectively.
for the internationalization of the RMB, Qu Hongbin, that the settlement of cross-border trade, the RMB will be developed at an alarming rate in the next five years, China is expected in the 1 / 3 of the import and export trade will be settled in RMB instead of U.S. dollars, This means that time there will be close to 2 trillion annual trade volume by more than RMB, the yuan is expected to among the three major currencies in global trade.
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