What Is Current Account Convertibility?

A current account refers to a deposit book that manages current deposits in RMB and various foreign currencies. A current account is also called a current multi-currency account, which is a comprehensive current account, that is, in a separate account, you can access both RMB and foreign currencies. Customers can deposit their current savings in different currencies in one current account.

Current book

1. A current book is a collection of RMB and a variety of foreign currencies in one off for easy storage.

2. The current deposit is RMB 1 yuan, and the foreign currency is the equivalent foreign currency of not less than RMB 10 yuan.

3. You can apply for an account transfer deposit at the account opening, that is, the agreed amount and deposit period will be transferred to the regular one pass on a specified date.

When the Bank of China has a current account, when it has not been used for more than two years but the account is zero, it will be included in the double zero account for automatic account cancellation.