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Reciprocal Currency Deposit (LocalForeign Currency)
 
Product Overview
A client - that is, a foreign bank - deposits a foreign currency with CMB, and CMB deposits RMB with the client. If the term of the client’s deposit in the foreign currency is shorter than CMB’s deposit in RMB, the deposit in the foreign currency automatically rolls over at maturity until CMB’s deposit in RMB matures. Then both deposits can be withdrawn. 

Advantages
1. Foreign bank clients can apply for an interbank deposit limit with CMB to obtain additional access to loans.
2. The interbank deposit agreement is signed by both parties.
3. The product solves the client’s shortage of RMB fund and helps foreign banks operate RMB asset business.
4. A closer and mutually beneficial partnership between the client and CMB is established. 

Service Procedure
1. CMB and the client enter into an interbank deposit limit agreement.
2. Prior consultation with the FI Dept. of CMB H.O. is required for the agreement to be modified.
3. The two parties agree on the amount, interest rate, and term of borrowings to complete the Confirmation of Interbank Deposit Business.
4. CMB pays the due amount to the specified account with the foreign bank via CNAPS.
Note:
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.