Mizuho Bank to sharply lower minimum amount for yuan accounts

TOKYO, Aug. 23 -- (Kyodo) _ Mizuho Bank Ltd. said Thursday it will lower the minimum amount for retail customers' yuan accounts from the current 10 million yen beginning Sept. 3 in view of growing public interest.

Under the new plan, the minimum amount will be 10,000 yuan (around 125,000 yen) for an ordinary deposit account and 500,000 yuan (about 6.25 million yen) 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.

Among Japanese financial institutions, Sumitomo Mitsui Banking Corp. and online financial services provider Jibun Bank Corp. also offer yuan accounts to individual customers.