HSBC Renminbi Savings Account
Renminbi (RMB) funds held in New Zealand just like any other foreign currency and earning interest
International transfers to other RMB accounts or to accounts in any other foreign currency
RMB foreign exchange that capitalises on shifting exchange rates by exchanging other currencies to and from RMB
No monthly fee and available exclusively to HSBC Premier customers
In April 2010, the Chinese government implemented new regulations to permit the use of RMB in cross-border trade. RMB, the official currency of China, is also commonly known as yuan or CNY.
- Businesses around the world can conduct their cross-border business in RMB
- You can make RMB transactions (subject to local regulation) outside mainland China and (subject to approval by the People's Bank of China [PBOC]) within 20 cities and provinces across mainland China
The scheme is expected to bring about an increase in RMB cross-border settlement flows.
HSBC provides banking services across Asia, with a presence in China for over 145 years. Our established presence here allows us to help you navigate through this dynamic and rapidly changing regulatory environment and market.
Why deal through HSBC?
- Access to in-depth, in-country and global market information – this includes support for your counterparty (if they bank with HSBC) to gain PBOC approval
- Market-leading customer service – highly-experienced staff with in-depth knowledge of payment systems and processing capabilities in China
- Single point of contact for all your banking requirements – same language, same time zone and direct access to colleagues on the ground in Asia
- Choice – you choose whether to hold your HSBC account in New Zealand, Hong Kong or mainland China
Benefits of using RMB
- Reduce risk and complexity – avoid the need for cross currencies by converting NZD directly to RMB
- Greater flexibility – when dealing with buyers/sellers in mainland China
- Expansion opportunities – in mainland China, with access to new clients or buying partners simply due to some counterparties preferring to deal in RMB
- Convenience – you can hold RMB funds in New Zealand
What is the difference between the Chinese Yuan and Renminbi?
Renminbi is the name of the official currency of the People's Republic of China and is often shortened to RMB or also known as the Yuan. The terms CNY and RMB can be used interchangeably, but it is more commonly referred to as RMB. The sign for the currency is ¥ and the official Society for Worldwide Interbank Financial Telecommunication (SWIFT) approved currency code is CNY. For this reason, your RMB account balance and statements will display the CNY prefix.
Apply for Renminbi Savings Account
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Things you should know
- You can access real time FX rates and a full suite of foreign exchange solutions
- There is no ATM card available for this account
An initial deposit of NZD1,000 equivalent of RMB will be required to open your account, but once it is opened, this balance will not need to be maintained.