Chinese savers snap up US dollars as yuan falls

Hong Kong

CHINESE savers, eager to convert their yuan before the currency keeps depreciating, are snapping up US dollar investment products that offer options for keeping money at home instead of sending it overseas.

The latest wealth management products (WMPs) from China Merchants Bank Co in Shanghai last week, paying 2.37 per cent annual interest on US dollars, sold out in 60 seconds flat. "You won't be able to get it online because it's gone in less than a minute," said a branch manager, who would only give the surname Xu, and encourages customers to book a day in advance next time.