HSBC Expat launches Chinese Offshore Renminbi Print
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Tuesday, 03 July 2012 09:29
HSBC Expat has introduced the Chinese Renminbi as a currency option across deposits, foreign exchange products and services for its customers.

HSBC is the first bank within the Channel Islands to offer the Renminbi, marking another milestone for HSBC Group which is the largest foreign bank in China and acknowledged market leader in Chinese Offshore Renminbi products.

The Renminbi is fast-becoming a significant global currency. Recognising the huge potential of the Chinese currency, customers of HSBC Expat can now hold Renminbi as part of their portfolio diversification.

HSBC Expat predicts that initial interest will either come from investors who seek to diversify their holdings of foreign currency or those with a natural requirement for Renminbi.

HSBC Expat chief executive officer, Nick Winsor, said: “The Renminbi is set to become a major international currency; recently we have seen the RMB rise against more established currencies such as the dollar and the euro.

“This move allows HSBC Expat customers to benefit from the huge potential the currency offers.”

The Renminbi is the eighteenth currency now available with an HSBC Expat account with others due to be launched in the near future.