Public Bank to offer yuan accounts

Public Bank now offers Chinese Yuan Fixed Deposits and Chinese Yuan Current Accounts through an arrangement with Bank of China Berhad.

The CNY FD and CNY CA are offered to individuals aged 18 years and over.  All eligible Malaysian and non-resident individuals are allowed to open a CNY FD and/or CNY CA at any of Public Bank's branches nationwide.  Interest on the CNY FD currently ranges from 0.70 to 0.80 percent per annum depending on the tenure and 0.40 percent per annum on the CNY CA.  For the placement of CNY FD, the initial minimum deposit amount is US$2,988 equivalent in CNY for tenures of 1, 3, 6 and 12 months, whilst for the CNY CA, the initial minimum deposit amount is US$1,000 equivalent in CNY.

In conjunction with the launch of the CNY FD and CNY CA, Public Bank will run a promotional campaign until 31 March 2010 to create awareness and publicity for the new CNY FD and CNY CA.  During this promotional campaign period, customers are offered additional interest rates of up to 2 percent per annum and preferential foreign exchange rates for eligible customers.

With the People's Republic of China’s move to liberalise the use of the Chinese Yuan in the international market, Public Bank anticipates good response from the public for these new products.