Komercni banka, a.s. : Komercní banka to offer current accounts in the Chinese yuan (renminbi)

V Praze, 20 January 2012 - Komer?ní banka offers the clients who have focused their business activities on China a significant simplification in the area of non-cash payments - current accounts in the Chinese yuan (renminbi).

Komer?ní banka has been providing international payments in yuans from accounts maintained in any currency since 2010. The Chinese yuan was subsequently included in the Komer?ní banka's exchange rate list (ISO code CNY) despite it is not a freely convertible currency and thus the clients may open current accounts and make payments directly in yuans. The account maintained in CNY is suitable for companies with the equal trade balance with China or for internationalised companies in P.R.C.; eventually for companies which regularly purchase Chinese goods.

"We have noticed the clients' interest in opening the first accounts in the Chinese currency already on the first day after the introduction of this new product on the market. We are very pleased to provide our clients with this offer within the payment services. For clients, it means a significant simplification and shortening of the currency procurement process and the possibility to get more favourable business conditions with Chinese partners. Thus, KB has reacted to the market needs and considers this modification a promising investment in the future", said Jana ?vábenská, Executive Director of Operations.

By this step, Komer?ní banka enlarges and simplifies the payment processes with China and is prepared to further business development with his country. KB sees a considerable perspective for the Chinese yuan despite the business and payment practice is limited by relatively strict rules of the Chinese government. The yuan has strengthened against the US dollar by more than 27.5 per cent in the last six years. The total volume of trade amounted to USD 2.97 bn. in 2010, in which the Chinese export created 1.5 bn. dollars.

The Chinese economy has become the world's second largest economy last year and the Chinese nominal GDP reached USD 5 878 bn. in 2010. The Chinese yuan has the potential to become the third tradable world's currency in the long perspective, in line after EUR and USD. The data of 2010 confirm that China has become the third largest foreign trade partner of the Czech Republic, following Germany and Slovakia.