Bank Austria offers corporate customers renminbi currency accounts for payment transactions with China
- China crucially important for Austria's export-oriented economy – already more than 470 Austrian companies have business operations in China
- New foreign currency account in renminbi simplifies business transactions considerably with the People's Republic of China
- Corporate customers save on conversion costs, avoid exchange-rate risks and obtain a better conversion rate with trade-based transactions
China is growing in significance for Austria's export-oriented economy, which comes as no surprise given the continued rapid economic growth in China. An increasing number of Austrian companies are discovering this massive market – already over 470 Austrian companies have business operations in China.
Foreign currency account: low costs and no exchange risk
Addressing the needs of trading partners is hugely important for successful business relations. For example, taking into account that Chinese partners increasingly want to use the Chinese currency renminbi (CNY – yuan/renminbi) for incoming and outgoing payments. This is precisely why Bank Austria is now offering this type of foreign currency account to corporate customers: the account is tailored for the business and regulatory requirements of the People's Republic of China.
The key advantages in this respect are the cost savings available to companies that do business with China or are already established there, and the resultant reduction in risk. This is because there are no exchange rate risks or conversion costs with this account (especially with a given number of transactions, incoming and outgoing payments). What is more, trade-based transactions can also be executed at a more favourable exchange rate.
Dieter Hengl, Director for Corporate & Investment Banking: "With our new renminbi foreign currency account we are supporting our corporate customers in developing their business on the Chinese market. This new product is proof once again of our international focus and the leading role we play in innovative services. We are a reliable strategic financial partner for businesses in all aspects of foreign trade."
Bank Austria has had its own representative office in Beijing since 1985 and has partnership agreements with all of the major Chinese banks. UniCredit already has two branches in China (in Shanghai and Hong Kong), while the representative office in Canton (Guangzhou) is currently being converted into another branch with a view to achieving the goal of establishing a subsidiary company under Chinese law.
Enquiries: Bank Austria Media Relations Austria
Matthias Raftl, tel. +43 (0) 50505 52809
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