Topic The FX Dialogue Is Not Your Regular Forex Trading
Like most of the other accounts available. there is a minimum 1k Daily Profits Review balance requirement for opening a new renminbi deposit account in the Bank of China in the U.S. The renminbi minimum balance requirement is basically the same as that for the regular USD accounts. For all personal customers, the minimum balance for RMB saving accounts is the RMB equivalent of USD $500, while the minimum balance of RMB time deposit accounts is the RMB equivalent of USD $1,000. In addition to buying renminbi directly from the bank, personal customers can also fund their renminbi accounts through RMB remittance service.
Although it is now a bit more easier than before for personal customers to 'buy and hold' RMB in the U.S. through the Bank of China, please be aware of all the BOC's RMB account constraints which mainly aim to discourage speculative bets on RMB appreciation.
For instance, RMB foreign exchange transactions for personal customers can only be done at its New York Chinatown Branch, neither at the New York Madison Avenue Branch nor at the Los Angeles Branch. There is also a daily trading limit and an annual trading limit imposed for each RMB account in the Bank of China. The daily limit for buying or selling RMB is now set at USD $4,000 worth of RMB and the annual limit is USD $20,000 worth of RMB.