BOCHK opens nearly 10,000 RMB personal accounts Wednesday

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Last updated at: (Beijing Time) Thursday, February 26, 2004

BOCHK opens nearly 10,000 RMB personal accounts Wednesday

The Bank of China (Hong Kong) Limited (BOCHK), together with 38 other banks in Hong Kong, opened personal renminbi (RMB, Chinese currency) services on Wednesday.

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The Bank of China (Hong Kong) Limited (BOCHK), together with 38 other banks in Hong Kong, opened personal renminbi (RMB, Chinese currency) services on Wednesday.

Radio Television Hong Kong (RTHK) quoted BOCHK sources as saying Wednesday that during the first day of the bank's launching of personal RMB services, the bank opened nearly 10,000 RMB accounts.

The BOCHK sources said that about 80 percent of them are deposits, and the average volume of a new savings account came to 10,000 yuan (1,204 US dollars), while the average volume of a fixed deposit account reached 50,000 yuan (6,024 US dollars).

The sources said that at the same time, more customers came for RMB exchange services and that the remittance services of the bank also went on smoothly.

In a related development, Hang Seng Bank announced Wednesday evening that it would offer RMB services, raging from deposits, exchange and remittances to currency switching and HK dollar overdraft facilities pledged by RMB deposits on Feb. 26, 2004. MokWai-kin, managing director of the bank, said "the launching of personal RMB services widens our product range and allows us to meet the evolving needs of customers."

Founded in 1933, Hang Seng Bank is a principal member of the HSBC (Hong and Shanghai Banking Corporation) Group and the second largest listed bank in Hon Kong in terms of market capitalization.

Source: Xinhua

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