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HSBC Bank Middle East Limited is offering its customers the opportunity to invest in China's Renminbi (RMB) currency denominated deposits.
China's renminbi (RMB - 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 plans to settle 30 percent of its annual trade in RMB, equivalent to $ 2 trillion.
Those looking to invest in renminbi can choose from a range of RMB deposit account and services, which can be for either one, three, six or twelve month tenors.
The newly introduced range of products follows HSBC's strategy for becoming a leading international bank for RMB in the Middle East and globally, allowing customers to benefit from its understanding of the Chinese market, the bank said.
"Our expertise in RMB is rooted in our deep understanding of China, our global connectivity and unrivalled expertise in trade and investments.
"With the acceleration of RMB's internationalisation 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..., " Gifford Nakajima, Regional Head of Wealth Development, Retail Banking and Wealth Management, MENA, HSBC, said.
He said it will also help capture the potential of RMB as an emerging international currency which will continue to benefit from China's economic growth.
Customers can get potentially higher interest rates on their HSBC RMB Savings and Term Deposits, the bank said.
