Deposits in yuan: what is needed for this?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

In the financial sector, there are many opportunities for investing your own funds. Each bank offers its own programs. Not so long ago, a new opportunity appeared - deposits in yuan. The Chinese currency used to be "closed" because it was protected by Beijing. But now everyone can invest in RMB.

Banks offer different programs that have their own conditions. Although accounts in yuan are not very popular in Russia, many organizations still offer their registration. According to experts, such deposits can be profitable if you know some subtleties.

Features of deposits

Are yuan deposits profitable? Experts believe that such investments are considered a good diversification move. There are several factors due to which you can safely open an account in Chinese currency:

• the yuan is unlikely to fall, quotes confirm this;
• the yuan is likely to rise;
• Chinese currency is considered a great way to diversify investments.

Experts believe that the chances of this currency falling are low. The reason for this is the undervaluation of the yuan. China has long supported the growth of the currency for exports. Perhaps in the future it will grow,which will positively affect the country's economy. In China, the production of many countries is developing.

Specialists believe that given the purchasing power of the US and China, the latter may be ahead of America in a few years. RMB deposits are considered a win-win option. Keeping money in this currency is beneficial. The risk associated with RMB deposits is that the asset may not change for some time.

Risks

The yuan is a new investment currency, so there are some risks. These include missing out on other, lucrative investment opportunities. Although the Chinese economy is developing, the yuan will not rise in the near future. There is also a risk that in the future Beijing will prohibit converting its currency into dollars, but this is unlikely.

In order not to miscalculate, you should weigh the advantages and disadvantages of the currency. It is also necessary to choose an organization and a suitable program, thanks to which the investment will be profitable. Based on this, the client will be able to decide whether to keep the money in Chinese Yuan.

Bank offers

In Russia, the Chinese currency in banks has just begun to be used. Not all organizations open deposits in RMB. Only a few institutions are willing to offer such programs. These include:

• BBR Bank CJSC;
• JSC Bank Zenit;
• OJSC Interregional Commercial Bank for the Development of Communications and Informatics;
• CJSC JSCB Gazbank.

The stakes are not so high yetas customers would like. They are from 0.05 to 2.75%. But keep in mind that there is a possibility of making a profit on the exchange rate difference. And the exchange rate against the ruble on February 27, 2017 is 8.36.

Offer from Sberbank

According to economists, cooperation between Russia and China will develop. Therefore, deposits in yuan in Sberbank will be a necessity. When issuing them, you can not worry about converting at an unfavorable rate. Those citizens who use both currencies need to open an account.

Sberbank does not issue savings accounts in yuan. You can only open a simple account used for payments and transfers. Deposits are divided into "universal" and "on demand". Each program has its own characteristics.

Deposit conditions

Deposits in yuan for individuals are opened for up to 5 years, but they can be extended. The account rate is 0.1%. $5 is required to open a deposit.

Client can deposit and withdraw funds. But the minimum should always be on the account. A demand deposit is opened with similar conditions, only it is unlimited, so it can be used permanently.

What is required?

To open a deposit, you must provide documents:

• passport;
• statement;
• profile.

With the opening of an account, an agreement is signed, after which the money is credited. To open a deposit, the client must have Chinese currency. But everything is simple here - you just need to replenish your account in rubles, which will be transferred toyuan.

Should I buy currency for investment?

Although China's economy has become developed, the currency is still weak to be considered a world currency. According to experts, the yuan will become popular not in the near future, but in the future. Therefore, it is more profitable to put funds for a long period, which will definitely pay off. But for short-term investments, it is better not to open deposits.

Chinese bank account

To open a Chinese bank account, you need a mobile phone, a passport and 15 yuan. You will also need to complete 2 documents. The first contains passport data and a phone number, as well as the type of activity. The second document includes information about the passport. They must be signed.

Then the client deposits 15 yuan and receives a card valid for 10 years. This banking product allows you to work with Internet banks in China. No activation procedure required.

Favorable deposits

The yuan is considered an exotic currency in Russia. In VTB 24, Zenit Bank, Promsvyazbank, you can open deposits, the rate of which is in the range of 2-3%. It is better to open accounts for a long-term period, so that there is a prospect of receiving benefits.

Thus, deposits in Chinese currency are profitable if they are opened for a long period. Before opening an account, you need to familiarize yourself with the programs of several banks, and then select the appropriate conditions. A careful approach in this case provides furthermaking a good income.