HSBC New Zealand launches savings account in Chinese Renminbi

Read HSBC's statement below:

HSBC has today announced the launch of its Renminbi (RMB) Savings Account for HSBC Premier customers - the first of its kind offered by a bank in New Zealand.

The HSBC Premier Renminbi Savings Account will offer customers the ability to hold RMB deposits in New Zealand, just like any other foreign currency, and transfer funds internationally to other RMB accounts* or to accounts in any other foreign currency.

The accounts will also offer customers the ability to capitalise on shifting exchange rates by exchanging other currencies to and from RMB and will have no monthly service fees.

John Barclay, Head of Personal Financial Services, at HSBC New Zealand, says: “HSBC was the first bank in New Zealand to undertake a cross border transaction with China and the first to open an RMB business account. We are now leading the way again with the HSBC Premier Renminbi Savings Account which gives personal customers the opportunity to access, what has until now, been a highly restricted emerging market currency.”

Paul Bloxham, HSBC Chief Economist, New Zealand and Australia says: “As medium-term RMB appreciation seems likely and the importance of trade with China continues to grow, RMB products are becoming more popular in New Zealand. Indeed, as the centre of gravity of economic activity moves from the West to the East, transactions in RMB are expected to become far more common, with HSBC forecasting that by 2020 they will be as common as those in USD or Euro.”

* There are limitations regarding the transfer of funds to Mainland China and Macau. There is not an ATM card available for this account, nor will HSBC handle RMB cash directly, either through deposits, withdrawals or through a demand draft. All deposits and withdrawals will need to be processed electronically.