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Bank of China launches personal RMB services in HK
Updated: 2004-02-25 11:50

Bank of China (Hong Kong) Limited (BOCHK) announced on February 24 that starting from February 25, it will launch renminbi (RMB) personal services in relation to deposits, exchange and remittance, and will also do its best to launch RMB bank cards in the near term.

The service scope of RMB deposits offered by BOCHK includes savings and fixed deposits, with maturity terms ranging from one week to three months. During the promotion period, the aggregate interest rate, inclusive of a bonus, for savings deposits will be up to 0.5 percent.

A placard promoting yuan or renminbi (RMB) savings is displayed outside the Bank of China Tower in Hong Kong February 24, 2004, one day before the launch of this new service. The Bank of China (Hong Kong) Ltd has been appointed as the clearing bank for the Chinese currency to facilitate the new services offered by Hong Kong banks. Banks in the territory can accept RMB deposits starting February 25. [Reuters].
As for exchange services, BOCHK provides RMB banknote and HK dollar two-way exchange service to personal customers.

The remittance services are supported by the Chinese mainland of BOCHK, together with an extensive network of its parent, Bank of China.

Customers will be able to access a wide range of RMB services through nearly 300 BOCHK branches.

He Guangbei, chief executive of BOCHK, said at a press conference that "with ever closer and increasing economic integration between the Chinese mainland and Hong Kong, the personal RMB services to be launched are 'near and dear' to Hong Kong people. That's why there has been keen interest in the services from all concerned."

He said, during the promotion period, customers who place RMB deposits with BOCHK will enjoy waivers of various services charges, including monthly fee for RMB savings account and handling fee for RMB exchange.


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