HSBC unveils new yuan products

HSBC Bank Middle East is giving its customers the opportunity to connect to China with the launch of a series of renminbi deposit accounts. China’s currency, also known as the yuan, is poised to join the US dollar and the euro as one of the world’s top three trading currencies as China will settle 30 per cent of its annual trade in renminbi, equivalent to $2 trillion.

By Staff Report

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Tue 27 Aug 2013, 9:27 AM

Last updated: Fri 3 Apr 2015, 5:33 AM

Customers who are looking to invest in the renminbi can choose from a wide range of renminbi deposit account and services which include renminbi current accounts, savings accounts and term deposits which can be for either one-, three-, six- or 12-month tenors.

The newly-introduced range of products follows on from HSBC’s strategy of becoming the leading international bank for the renminbi in the Middle East, and globally, allowing customers to benefit from the bank’s understanding of the Chinese market.

“Our expertise in the renminbi is rooted in our deep understanding of China, our global connectivity and unrivalled expertise in trade and investments,” said Gifford Nakajima, regional head of wealth development, retail banking and wealth management for the Mena at HSBC.

“With the acceleration of renminbi internationalisation and the rapid growth of the affluent segment in the Middle East, the launch of HSBC’s range of renminbi deposit products will help meet our customers’ sophisticated needs and capture the potential of the renminbi as an emerging international currency that will continue to benefit from China’s economic growth.”

Customers can get potentially higher interest rates on their HSBC renminbi savings and term deposits, hence giving them an opportunity to build savings in the currency.

More news from