The possibility to open correspondent accounts in Chinese yuan renminbi is a next step towards expanding our range of services for small, medium and corporate businesses, undertaken in response to the growing demand for the Chinese yuan from the bank’s clients. Paying in Chinese yuan renminbi is a more profitable alternative to payments in US dollars in the People’s Republic of China. Payments in Chinese yuan renminbi allow you to calculate currency risks and avoid double conversion in payment transactions with your Chinese partners. Thus, you gain extra convenience as well as possibility to optimize costs when making deals with your Chinese partners.
Having the correspondent account enables you to make legal entities’ currency transfers under your international contracts in favor of China's residents.
In order to send the payment in Chinese yuan renminbi to the People’s Republic of China, the beneficiary (legal entity) must be included in the Mainland Designated Enterprise list, that is, to have the corresponding permission of the People's Bank of China on receival of payments in Chinese yuan renminbi (RMB) from outside the PRC (at the moment there are about 70 000 Chinese enterprises, and new companies are being added to this list all the time). Your payment will be returned without being executed by the correspondent bank in case your counterparts are missing from this list.
Having the bank account in Chinese yuan (CNY), corresponding contract as well as execution of standard currency control procedures (where necessary) are required in order to carry out those transactions.
CHINA CONSTRUCTION BANK CORPORATION, BEIJING, CHINA, SWIFT: PCBC CN BJ GPS
The transfers are made in accordance with applicable standard terms of international transfers and standard bank rates on external transfers in currency (other currencies) at the time of the operation.
If you have questions, please contact your servicing operational managers in branches.