OREANDA-NEWS. February 15, 2012. Sampo Pank accepts deposits in Chinese Yuans beside other currencies, reported the press-centre of Sampo Pank.

According to Head of Danske Markets Baltics Howard Wilkinson China is a story of economic opening up and growth which has aroused great interest and a lot of people are eager to take advantage of China’s success in one way or another.

“However, until recently it was not possible for foreigners to make such simple transactions like buying, selling and depositing Chinese Yuans due to restrictions imposed by the Chinese government. As China is ever more opening up to the outside world, it has become possible to trade in and deposit yuans. Since it is still impossible to make payments in yuans to Mainland China (however, payments are possible elsewhere), this possibility is primarily of interest to those who would like to diversify their investments or to benefit from the strengthening of the Chinese Yuan and to earn interest on their deposits, “explained H. Wilkinson.

According to H. Wilkinson increased interest in diversifying one’s investments has been marked of late, in particular in the previous quarter. Holders of EUR deposits have converted their deposits to Norwegian Kronor and Swedish Kronor. However, Australian, Singapore and Canadian Dollars have become popular among holders of USD deposits.

In recent years, the Chinese Yuan has appreciated by some per cents per annum against the US Dollar under the government’s control, whereas this trend is predicted to continue, because China has succumbed to pressure to permit its currency, which has been artificially kept cheap, to strengthen.

“If the investor has a vision that the trend may continue and it is generally expected that the euro may continue weakening against the US Dollar, the investor may benefit substantially. Movements of the Euro against the US Dollar are especially important for the investor whose main currency is the Euro, as the Central Bank of the Republic of China is keeping the CNH/USD exchange rate within certain limits and if the US dollar appreciates or depreciates considerably against the Euro, the Yuan will move in the same direction,” added H. Wilkinson.

Sampo Pank’s customers can choose between more than 20 currencies. Furthermore, one need not be a big investor in order to purchase more exotic currencies and deposit them. The only requirement is that the minimum deposit amount in euros is EUR 5,000 and the minimum maturity is one month. As for EUR and USD term deposits, the minimum deposit amount is EUR 65.00 or the equivalent amount in USD.