HSBC Bank Middle East is giving its customers the opportunity to connect to China with the launch of a series of Renminbi (RMB) deposit accounts.
China’s currency renminbi (RMB – also known as the yuan) is poised to join the US dollar and the euro as China will settle 30% of its annual trade in RMB, equivalent to US$2 trillion.
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The investment options in Renminibi will include RMB current accounts, savings accounts and term deposits which can be for either one, three, six or twelve month tenors.
Customers can get potentially higher interest rates on their HSBC RMB Savings and Term Deposits as compared to AED, USD and GBP, hence giving them an opportunity to build savings in RMB.
In addition to providing investment options, customers can also transfer money to other RMB accounts within or outside the UAE through instant cross border wires thereby reducing foreign exchange and currency fluctuation costs.
Gifford Nakajima, regional head of wealth development, retail banking and wealth management for MENA at HSBC, said: "Our expertise in RMB is rooted in our deep understanding of China, our global connectivity and unrivalled expertise in trade and investments.
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By GlobalData"With the acceleration of RMB internationalization and the rapid growth of the affluent segment in the Middle East, the launch of HSBC’s range of RMB deposit products will help meet our customers’ sophisticated needs and capture the potential of RMB as an emerging international currency which will continue to benefit from China’s economic growth.
"This new product offering will add to the extended suite of Retail Banking and Wealth Management solutions the bank already offers to enhance its customer experience and meet the needs of the Middle East’s growing segment of affluent individuals. HSBC’s RMB deposit products also present an opportunity for its customers to diversify their currency holdings and investment portfolios," Nakajima added.
