HSBC provides you with diversified and convenient cross-border Renminbi banking services, so that you can benefit from the strengthening economic links with mainland China.
A simple and flexible account that you could manage your Renminbi freely via a variety of channel options; meanwhile, interest can be earned from your daily balance.
Customers who would like to deposit Renminbi but need flexibility in managing their savings
A Renminbi Current Account gives you enhanced flexibility in conducting transactions in RMB and allows you to issue cheques.
Customers who would like to make payment by cheques.
A Renminbi Time Deposit provides you with a safe way to earn higher interest rates than savings account over a fixed period.
Customers who do not need immediate access to their funds and would like to gain a higher interest return over a fixed period of time.
RMB NDF is a currency exchange derivative product10 which allows you to exchange pre-determined amount of Renminbi at a set exchange rate on a fixed date in the future.
Customers who would like to hedge their Renminbi exposures, or have a Renminbi investment plan that they wish to pursue11.
There are 2 types of RMB NDF contracts available:
Exchange your Hong Kong dollars to Renminbi and vice versa with an account transfer or note exchange to meet your currency needs
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Customers who need to convert Hong Kong Dollar to Renminbi and vice versa for travelling and investments
Currency conversion risk - the value of your RMB deposit will be subject to the risk of exchange rate fluctuation. If you choose to convert your RMB deposit to other currencies at an exchange rate that is less favorable than the exchange rate in which you made your original conversion to RMB, you may suffer loss in principal.
RMB is currently not freely convertible and subject to regulatory restrictions (which might be changed from time to time). For personal customers who are Hong Kong residents, conversions conducted through RMB deposit accounts with banks in Hong Kong are subject to the limit of up to RMB20,000 per person per day. Personal customers who are Hong Kong residents should allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. Non-Hong Kong residents are not required to observe the corresponding limits and requirements regarding Renminbi conversions for Hong Kong residents.
Renminbi Savings Account