HSBC has launched the first structured deposit featuring the Chinese renminbi to be offered in Japan, linked to the appreciation of the renminbi against the Japanese yen.
The six-month growth product, Dual Currency CNY, will return the initial investment in yen upon maturity if the final spot rate of the renminbi is at or above the initial rate (ie, if the yen weakens against the renminbi). Otherwise, the capital will be redeemed in renminbi.
The launch of this new product follows the successful launches of an RMB savings account and deposits in October 2010. Japanese individual investors are increasingly looking at the wealth management opportunities presented by the renminbi and HSBC Premier has seen a surge in renminbi deposits, making it the second most popular foreign deposit after the US dollar as of 30 June.
The product is only available through financial managers/advisors. The Dual Currency CNY will be available from 4 to 26 July.
This product appears in Recent Additions (Japan).