EastWest President & CEO Antonio C. Moncupa, Jr. and Bank of China Manila Branch President and Country Head Deng Jun signing the RMB accord. Also in photo are EastWest Treasury Group Head and SVP Manuel Goseco (leftmost) and Bank of China Manila Branch Managing Director Lin Sheng Qiang (rightmost).

EastWest announced that beginning August 8, the bank will start offering in all its branches the RMB savings account, time deposit, loans, remittance and trade financing.

The RMB product suite offer came about as EastWest Bank recently entered into an agreement with Bank of China-Manila Branch. EastWest offers a complete range of RMB-denominated financial solutions in all branches both for retail and corporate clients who are particularly doing business in China or simply looking for other investment options for RMB in the Philippines.

Individuals who are looking for an investment instrument to grow their RMB funds may opt to open a time deposit which will have attractive interest rates.

“Bank of China is pleased to partner with EastWest Bank for its RMB products and services, bringing to the partnership the strength and breadth of our reach within China, the ASEAN region and global presence,” said Mr. Deng Jun, Bank of China Manila Branch President and Country Head. Bank of China is the most internationalized bank in China with 620 offices in more than 40 countries. It has over 11,000 branches all over China and more than 1,600 correspondent banks across the globe. It is also considered the top RMB bank in the world in terms of cross-border settlement, products and services.

“We are pleased to make available a full suite of Renminbi products to the Philippine market. What will ultimately set these products apart are the advantages that these give to our clients. For example, our RMB savings and time deposit have very attractive interest rates,” said EastWest EVP & Head of Retail Banking and Operations Cluster Gerry Susmerano.

“These RMB products will be made available in all our branches nationwide, catering to more individuals and businesses who save, trade and invest in the Chinese currency,” added Susmerano. EastWest currently has more than 330 unibank branches nationwide.

Also to address the financing needs of institutional clients who are engaged in international trading, EastWest is offering trade finance with letters of credit where clients may choose the currency of settlement. To further enhance the product, EastWest can also provide forward RMB rates for hedging against foreign currency risk. Clients may also avail of loans in RMB and remittance services.

“We can help facilitate transactions between local and Chinese companies through trade financing. This financial solution will help customers take advantage of the many business opportunities offered by China while reducing costs and risks,” said EastWest SVP & Corporate Banking Group Head Ernest Uy.

According to the International Monetary Fund (IMF), China is the world's largest trading nation and the world's second-largest economy. The IMF further said that China is on a trajectory of even higher quality and more sustainable growth.