Martin Lee @ Sg
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HSBC Renminbi Fixed Deposit

HSBS has started offering fixed deposits in Renminbi available to retail customers.

For a one year term, the interest rates ranges from 0.28% (<350,000 CNY) to 1.28% (>5 mil CNY) depending on the amount.

You can check the latest rate at the HSBC foreign currency fixed deposit page.

The Advance and Premier customers of HSBC would enjoy a higher interest rate for 3 or 6 month terms.

Deposits has to be made in a non-Renminbi currency which will be converted to the Renminbi based on the bank’s prevailing rate. Withdrawals has to be by way of foreign exchange conversion into non-rmb denominated currency.

Bank of China (BOC) also offers Renminbi deposits to retail customers on a limited scale.

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Josh says 11 years ago

Thanks lion. That being the case, HSBC ads offering CNY is incorrect then? CNY is only availabe in the Mainland Chinese market.

Josh says 11 years ago

How is it that HSBC is offering CNY currency but all other banks so far are offering CNH? What are the difference between the 2 apart from on/offshore?

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