New personal RMB services attract HK customers

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Last updated at: (Beijing Time) Wednesday, February 25, 2004

New personal RMB services attract HK customers

62-year-old Nancy became the first bank customer who opened her reminbi (RMB) account with the Bank of China (Hong Kong) Limited (BOCHK) Wanchai branch Feb 25

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62-year-old Nancy became the first bank customer who opened her reminbi (RMB) account with the Bank of China (Hong Kong) Limited (BOCHK) Wanchai branch on Feb 25.

Starting from Feb 25, the BOCHK and a number of banks in Hong Kong began to launch renminbi (RMB) personal services in relation to deposits, exchange and remittance.

While waiting at the gate of the BOCHK Wanchai branch before the bank's opening, Nancy read carefully a newly erected board with promotion playbill which claims that BOCHK has Hong Kong's largest RMB service network, with most widespread business links with the Chinese mainland and with richest experience of RMB services.

She asked Chan Huo Ni Irene, customer service officer of the branch, to help her with a fix deposit of 100,000 yuan (12,048 US dollars). With no business links or family members in the Chinese mainland, the old lady said, "the 0.55 percent of interest rate for fixed deposit is quite inviting."

As each customer for RMB account is only allowed to have a single deal of 20,000 yuan (2,409 US dollars) of RMB each time, Nancy asked Chan to exchange the rest 80,000 HK dollars into yuan and transferred it to her RMB account as automatic deals for the coming four successive days.

Nancy also asked a lot of questions about the RMB services for her relatives and friends as many of them are quite busy with their work during the weekdays. "They will come later," she said.

The service scope of RMB deposits offered by BOCHK includes savings and fixed deposits, with maturity terms ranging from one week to three months.

Within only less than an hour, Chan offered consultation services and opening RMB accounts for three customers.

Many customers do not know much of the RMB service policies, Chan said. However, she said she was glad to be that busy as she wanted more Hong Kong residents to come to BOCHK for RMB services.

Tse Yuk Ying, another customer service officer told Xinhua that during the promotion period, which will last to May 31 this year, the RMB deposit interest rate could be raised from 0.35 percent to 0.45 percent and until Feb. 28, 2005, there will be no charge for exchanging HK dollars to RMB.

She said as the promotion period is quite long, many of her fixed customers have asked for advice on the RMB services and she is expected to give consultancy to dozens of customers in the next few days.

BOCHK, which began to launch RMB exchange services in 1993, is the first bank in Hong Kong to offer automatic teller machines for RMB exchange.

He Guangbei, chief executive of BOCHK, said at a press conference Tuesday that with ever closer and increasing economic integration between the Chinese mainland and Hong Kong, the personal RMB services 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.

The launching of RMB service is also welcomed by local banks. A banker told Xinhua that though personal RMB service is still limited at present, it is expected to play an important role in consolidating Hong Kong's role as an financial center and benefit Hong Kong's long term development.

Source: Xinhua

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