HSBC Bank Canada on Monday announced the launch of a Chinese currency-denominated term deposit account for individual savers, providing another option to invest locally in Renminbi (a.k.a. yuan), one of the world’s fastest growing currencies.
Complementing HSBC’s existing Renminbi savings account for retail clients, the new term deposit account will give Canadians a Renminbi savings option that may offer a higher rate of interest than a savings account alone.
Betty Miao, executive vice president and head of retail Banking and wealth management, HSBC Bank Canada comments: “Expanding our suite of RMB services to give individual Canadians — in particular those with ties to China — the opportunity to save and earn interest on their Chinese currency holdings is a natural benefit of HSBC’s global presence.”
The term deposit account is available in terms from 30 days to one year, is non-redeemable, and interest will be paid at maturity.