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IPFS News Link • Currencies

Opening a renminbi savings account in the US


In its latest step to make the renminbi a competing global reserve currency, China’s predominantly state-owned Bank of China will now let individuals open renminbi savings accounts… in the United States.

Effective immediately, BOC’s US individual customers can now open a renminbi denominated savings account with a $500 equivalent minimum balance. The bank also offers certificates of deposit in 6-month and 1-year terms with a minimum of $1,000 equivalent.

The account opening procedures are simple– there is an application form, a W-9 tax form, and a signature card.  Applicants are also required to provide a government-issued ID and one other form of identification such as a credit card, employee ID card, insurance card, etc. You do have to show up in person.

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