Renminbi (RMB) Deposit Account

Connect to China with an HSBC renminbi (RMB) Deposit Account

Make the renminbi part of your portfolio today.

The renminbi is set to become one of the world's top trading currencies and HSBC is uniquely positioned to help you take advantage of the growing opportunities that this brings. Make the renminbi part of your portfolio with our range of HSBC renminbi Deposit Accounts and services.

The renminbi (RMB) has been China’s currency since 1949. The name means 'people’s currency'
The renminbi is the official name of the Chinese currency and the currency unit China people is called ‘yuan’ e.g. “This costs 20 yuan.” Some liken this to the way British people talk of “sterling” formally and “the pound” conversationally
Currency code for renminbi is 'CNY' and currency sign is ¥

The rapid growth of the renminbi

In the chinese calendar, 2013 is the year of the snake but for many people and businesses around the world, it's going to be the year of the renminbi (RMB)
As one of the world's fastest growing economies,the Chinese economy is projected to grow at 7.5% p.a. until 2015¹, Meanwhile over the past 10 years, the renminbi has risen by more than 35% against the US dollar and pound sterling, and about 10% against the euro²
Global financial systems are changing and HSBC forecasts that by 2015 China will settle 30% of its trade in RMB, equivalent to USD 2 trillion, there by joining the US dollar and euro one of the world's top global trading trading currencies³

¹ Source:

² Past performance of a currency is not necessarily an indication of its future performance

³ Source: HSBC, China's Big Bang November 2012

Renminbi Deposit Accounts

As part of our deposit products suite, we would like to introduce you to our range of HSBC renminbi Deposit Accounts and Services. You can choose from:

Renminbi Current Account¹
Renminbi Savings Account
Renminbi Term Deposits (1, 3, 6 and 12 month tenures)

How can you benefit from an HSBC renminbi Deposit Account?

Low minimum account balance²

– Renminbi Current Account: ¥ 5,000
– Renminbi Savings Account: ¥ 5,000
– Renminbi Term Deposits: ¥ 20,000

Potential higher interest rate

Potential higher interest rates on RMB Savings Accounts and Term Deposits as compared to USD and AED, giving you the opportunity to build savings in renminbi.

Fulfilling your transactional and money transfer needs

You can transfer money internationally online with up-to-the-minute and competitive currency exchange rates through Personal online banking. You can also transfer money instantly using our Global View and Global Transfers platform³

Diversification of your currency holdings and investments portfolio

You can diversify your currency holdings and investment portfolio through renminbi-denominated Savings Accounts as well as Term Deposits that have flexible tenures and guaranteed returns.

Avoid foreign exchange costs

When transferring money from an RMB account to another RMB account, you avoid foreign exchange and currency fluctuation costs.

Why choose HSBC

HSBC, or the Hongkong and Shanghai Banking Corporation Limited, was established in 1865. For 148 years, we've had a continuous presence in mainland China, with the largest branch network among foreign banks. In fact, we've been connecting customers globally to renminbi opportunities in 40 countries and territories worldwide.

HSBC was the first international bank to:

Underwrite RMB government bonds in China
Offer RMB accounts and complete RMB cross-border trade settlements across all 6 continents
Trade offshore RMB foreign exchange options
Execute RMB interest rate swaps in Hong Kong
Issue RMB-denominated ‘Dim Sum’ bonds outside China and Hong Kong

Notes:
¹No Cheque Book with RMB Current Account
²Not applicable to Premier and Advance customers who maintain a relationship balance with HSBC
³Transfer fees are waived for HSBC Premier customers and charged USD 7 for HSBC Advance customers when done through Global Transfers. Customers may only transfer funds to offshore CNY accounts outside China. Global Transfers will not facilitate CNY transfers to China even via Hong Kong or Taiwan, even though it is possible to do so through conventional remittance services
•The renminbi is the official currency of the People’s Republic of China. There are two markets for renminbi which are called “onshore” and “offshore”. The onshore currency can be remitted into mainland China and Macau whilst the offshore currency is held offshore and must not be remitted in to mainland China and Macau. Offshore currency can be remitted to other markets such as Hong Kong
•Your renminbi currency current account, savings account and renminbi fixed term deposit account will be held in the ‘offshore currency CNY’
•A renminbi Term Deposit Account must be opened with a renminbi Current and/or Savings Account under the same name. All renminbi Term Deposits or withdrawal transactions must be made through the corresponding renminbi Current and/or Savings Account
•HSBC UAE branches and ATMs will not handle physical renminbi currency notes
•Prevailing HSBC interest rates and foreign exchange rates will be applicable at the time of deposit booking and/or money transfers
•Standard HSBC Schedule of Tariffs and Fees are applicable and available on www.hsbc.ae
•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 favourable than the exchange rate in which you made your original conversion to RMB, you may suffer loss in principle
•Additional HSBC Personal Banking Terms and Conditions will also be applicable
•To avoid doubt, HSBC Bank Middle East Limited is the legal entity holding your deposits

Required Documents

Sole Account

You need to complete the account opening process by personally visiting any of our branches or Customer Service Centres, with the following documents:

Original passport (for all customers)
Valid residence visa (for non-GCC National customers only)
Proof of UAE residence in the form of either a utility bill/ rental agreement/employment letter

Joint Account

Both you and your joint applicant(s) need to complete the account opening process by personally visiting any of our branches or Customer Service Centres, with the following documents:

Original passport (for all customers)
Valid residence visa (for non-GCC National customers only)
Proof of UAE residence in the form of either a utility bill/rental agreement/employment letter

We may request further information or documentation from you, in order to comply with the Foreign Account Tax Compliance Act (FATCA).

to find out more.

For Personal Banking Terms and Conditions click here.

For our Schedule of Tariffs and Charges click here

"Renminbi (“RMB”) is currently not freely convertible and is subject to certain restrictions. The amount of offshore RMB (deliverable outside Mainland China, informally known as “CNH”) may be limited, which may affect the liquidity of offshore RMB products. The market for offshore RMB is a different market to that of onshore RMB (deliverable in Mainland China, known as “CNY”). The Offshore RMB market may become illiquid, or offshore RMB may become inconvertible or non-transferable.

Ready to apply?

Start the process using any of the following options

Have us call you

Apply by phone
call us on 800 444 7776

Apply online

For any other query call us:

600 55 4722 within UAE
+97142288007 outside UAE

Get to know China even better

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Renminbi (RMB) Deposit Account

Connect to China with an HSBC renminbi (RMB) Deposit Account