Foreigners can open a renminbi or foreign currency account by showing a passport and visa or certificate of residence. A basic renminbi savings account has a minimum requirement of RMB 1.
Major banks allow you to open foreign exchange accounts as well as foreign banknote accounts, and all major currencies are accepted. Bank of China offers saving deposit accounts as well as several types of time-deposit accounts. The simplest time-deposit account, with lengths of one month to two years, require only RMB 50 to open, but a seven-day notice account requires a minimum of RMB 5,000.
HSBC similarly offers savings and deposit accounts to non-PRC citizens, but with lower minimum requirements. Other banks offer similar products.
Only foreign residents employed in Beijing can open a checking account. The applicant generally needs a guarantor who has a Beijing hukou (residence permit) and has stable employment in Beijing. The guarantor must supply the bank with a photocopy of his or her ID card, while the applicant provides a copy of his passport and residence permit. In addition, the applicant's employer must affix the company's chop on the application. China Merchants Bank, however, requires only a passport, a letter from one's employer and a residency permit to open a checking account.