The Bank of East Asia (BEA) announced Monday the launch of Renminbi (RMB) current account for individual customers.

 

In view of the increasing demand on RMB services, BEA offers individual customers who have already opened an individual RMB savings account with BEA to open a RMB current account, BEA said in a statement.

 

To enhance the financial flexibility, customers can make payments for consumer spending in Guangdong Province by checks, subject to a daily aggregate check payment limit of RMB 80,000 per account, according to the statement.

 

"Since the introduction of RMB service in February 2004, we recorded a positive growth of RMB deposit amount in Hong Kong," BEA's general manager Tong Hon-shing said, adding that the bank is dedicated to widening the range of RMB services in compliance with the regulatory development to suit the needs of individual and corporate customers.

 

Recently launched services by BEA include expanding RMB services to allow merchants in designated business categories to open RMB deposit accounts and to conduct one-way exchange of RMB deposits into Hong Kong dollars, increasing the limits of exchange and remittances, and enhancing RMB credit card services following removal of the credit limit.

 

(Xinhua News Agency March 7, 2006)