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Bank offers Chinese currency services

By Doris Dumlao
Philippine Daily Inquirer
First Posted 13:48:00 09/25/2009

Filed Under: Banking, Economy and Business and Finance

MANILA, Philippines -- Metropolitan Bank and Trust Co. will roll out a pioneering line of Chinese yuan-denominated products and services in the country to capture a bigger share of the banking business arising from the economic boom in China.

In a press statement on Friday, the banking arm of taipan George Ty said it would be the first local bank to offer a line of CNY-denominated offerings, which would be piloted in nine branches in Metro Manila starting September 28.

CNY is also commonly known as renminbi, the currency used by the People's Republic of China.

Metrobank's range of CNY-denominated offerings will include a CNY interest-bearing passbook savings account, and CNY time deposit for clients in the Philippines. Customers will also be able to buy or sell CNY against the US dollar or Philippine peso, subject to the Bangko Sentral ng Pilipinas circular on foreign exchange.

"The launch is in response to the growing demand for CNY in the domestic market, driven by the Philippines' strengthening partnership with China. To date, the Philippines remains one of China's major exporters of food products such as fruits and seafood, as well as other products including IT merchandises and electronic devices," the bank?s statement said.

China, on the other hand, is reported to be the biggest exporter to the Philippines, supplying up to 21 percent of various goods.

Aside from trade, China continues to provide meaningful support to the Philippines' development agenda on agri-business, tourism,infrastructure, mining, telecommunications, education, and other sectors, Metrobank said.

"CNY-denominated products and services in the Philippines will provide greater ease to exporters and help facilitate more fluid business transactions with China," Metrobank said. "In addition, the CNY functions as a strong reserve, anchored on the Chinese government's efforts to strengthen the currency, in pursuit of global economic recovery."

As of June 2009, Metrobank had P777.2 billion in consolidated resources, the second largest in the country. Among its key subsidiaries are Philippine Savings Bank and First Metro Investment Corp.

The bank has a consolidated network of 725 domestic branches, and 35 foreign branches, subsidiaries and representative offices.



Copyright 2014 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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