HSBC Renminbi Savings Account

HSBC was the first bank in New Zealand to offer Chinese Renminbi (RMB) accounts for business customers, and the first in the world to offer the service across six continents. Now, we're leading the way again with the HSBC Premier Renminbi Savings Account, which gives personal customers the opportunity to access a previously restricted emerging market currency.
  • 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

RMB services

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's participation

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

Contact us

Call us 24/7 on 0800 02 80 88 (within New Zealand) or +64 9 368 8557 (from overseas; international toll charges apply).

Alternatively, you can e-mail us and we will get back to you within two business days.

You can also mail us at: PO BOX 5947, Wellesley Street, Auckland, 1141, New Zealand

Already an HSBC customer?

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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

Minimum deposits

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.