DUBAI, UAE, September 10, 2013 /PRNewswire/ --
HSBC launches range of RMB products for customers in the region
HSBC Bank Middle East Limited is giving its customers the opportunity to connect to China with the launch of a series of Renminbi (RMB) deposit accounts. 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 will settle 30% of its annual trade in RMB, equivalent to USD 2 trillion.
Customers who are looking to invest in renminbi can choose from a wide range of RMB deposit account and services which include RMB current accounts, savings accounts and term deposits which can be for either one, three, six or twelve month tenors. The newly introduced range of products follows on from HSBC's strategy of becoming the leading international bank for RMB in the Middle East, and globally, allowing customers to benefit from the bank's understanding of the Chinese market.Gifford Nakajima, Regional Head of Wealth Development, Retail Banking and Wealth Management, MENA, HSBC, 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 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." 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 renminbi.