Local banks start accepting RENMINBI!!!

[tidus1203]

Finally been waiting for this in ages! I have been keeping mine in HK pa! Now finally I can remit some of it here. Frankly I am excited about this, now I can buy more CNY full blast given its now relative ease of access!

http://www.bdo.com.ph/Personal/Promos/CHINESE_YUAN.asp

[james00112233]

Are Chinese Yuan Savings and Time Deposits ok?

[uls]

Finally been waiting for this in ages! I have been keeping mine in HK pa! Now finally I can remit some of it here. Frankly I am excited about this, now I can buy more CNY full blast given its now relative ease of access!

http://www.bdo.com.ph/Personal/Promos/CHINESE_YUAN.asp

that's a clear signal the renminbi is gonna be a major international currency

[tidus1203]

MANILA, Philippines - Analysts are convinced that the Chinese renminbi or Chinese yuan (CNY) may join the likes of the US dollar, euro and yen in the coming years as a major international currency, with signs of strength already being seen through increased trade in the Philippine capital markets.

http://www.abs-cbnnews.com/business/...dollar-3-5-yrs

[james00112233]

up ko lang uli....
Are Chinese Yuan Savings and Time Deposits ok?
sa katagalan ba tataas yung interest rate nito?

[leonleon]

up ko lang uli....
Are Chinese Yuan Savings and Time Deposits ok?
sa katagalan ba tataas yung interest rate nito?

Gaya nga ng sabi ni uls, it's a sign that the RMB will become an international player in the foreign currency arena.

What does that mean? Since no one seemed to have explained it, I'll give it a try, but, mind you, my knowledge is also limited. Here goes:

There are at present only 3 currencies that those with excess money/capital can choose to park their money in for security and/or investment reasons: US$, EUROS, YEN. Gold is another story so we won't include it here.

Pero ang mga bansang may hawak ng mga currency na ito eh "shaky" to say the least, what with the worldwide recession still not abating.

Other countries' currency like the Swiss Franc, CAD$, AUS$, etc. cannot absorb the massive amount of monies that are "floating" in the system because their economies are not as big as the US, Eurozone, or Japan, but the recent rise in their values indicate that people/institutions "desperately" need a substitute for these 3.

Only one country's economy is really big enough to absorb this excess money: CHINA.

But China's currency is very very tightly controlled and regulated by the Chinese gov't. Hindi ka basta basta makinvest sa RMB for a long time now. But it seems, especially lately, that China is starting to loosen its controls. Proof is that some countries (e.g Malaysia) have recently bought RMB denominated bonds.

http://www.chinaknowledge.com/Newswi...ewsID=%2037116

And BDO offering this locally only highlights this fact that China's currency is starting to become a major player in the world. Sooner or later, I'm pretty sure it will displace the almighty 3.

Others can correct me where I am wrong.

[leonleon]

Even McDonald's entered the RMB scene recently:

http://www.bloomberg.com/news/2010-0...t-markets.html

McDonald’s Corp.’s yuan bond sale, the first by a foreign company in Hong Kong, may pave the way for a new global debt market as China seeks to capitalize on its status as the engine of the world’s economic recovery.

China, the fastest-growing major economy, changed rules in February to let foreign companies issue yuan-denominated bonds through Hong Kong to strengthen the former British colony’s position as a financial center and promote the Chinese currency for global commerce.

Yuan bonds issued by Chinese companies have returned 6 percent this year, their best performance since 2005, according to a Bank of America Merrill Lynch index tracking 1.38 trillion yuan of debt.

“This is going to become a popular trend,” said Donald Straszheim, a Los Angeles-based senior managing director and head of China research at International Strategy & Investment Group.