Mizuho Bank Ltd. said Thursday it will lower the minimum amount for retail customers' yuan accounts from the current ¥10 million beginning Sept. 3 in view of growing public interest.
Under the new plan, the minimum amount will be 10,000 yuan (around ¥125,000) for an ordinary deposit account and 500,000 yuan (about ¥6.25 million) for a time deposit account, according to the core unit of Mizuho Financial Group Inc.
Mizuho's move comes amid growing public interest in Chinese currency-denominated deposits as a regulatory change made it possible from June to directly trade yen for yuan.
Sumitomo Mitsui Banking Corp. and online financial services provider Jibun Bank Corp. also offer yuan accounts to individual customers.