Direct Won-Yuan Trade
Shinhan Bank is going to launch the China Plus Foreign Currency (yuan) Fixed Deposit to diversify individual clients’ investments and encourage trade in the yuan for corporate clients, meeting the needs of the upcoming direct transaction market between the Korean won and Chinese yuan in December.
Any individual or company can apply for the fixed deposit, and the fee per account starts from 1,000 yuan (US$163) up to 5,000 yuan (US$816) under a ceiling of 400 million yuan (US$65.3 million).
The deposit period varies depending on client’s usual settlement needs: one month, two months, three months, six months and one year. The interest rate is 3.15 percent per year.
Shinhan Bank said, “This product is developed to satisfy the needs of corporate and individual clients by setting up various deposit periods and applying prime rates to meet the increasing demands of the yuan due to the opening of a direct trading market between the won and yuan.