Done

What is RMB?

  • What is renminbi?

    The renminbi (RMB) – the official currency of China – is poised to join the US dollar and the euro as one of the world’s top three global trading currencies. China is now the world’s second largest economy, its largest exporter, and the single greatest destination for global direct investment.

    The Chinese government is actively seeking to internationalise the RMB to match China’s global economic status. The Chinese government policy is to promote international use of the RMB in three stages through trade, investment and as a reserve currency. This represents new opportunities for companies, financial institutions and personal investors.

    As the RMB is not yet fully convertible, the Chinese government has promoted an ‘offshore’ market where RMB can be used outside the Chinese mainland, separate from the ‘onshore’ market used by domestic companies, Chinese residents and foreign companies with a Chinese presence.

    Offshore RMB markets are developing rapidly around the world with official RMB clearing banks now appointed in 20 countries across Asia, Europe, Middle East and the Americas. Offshore borrowing and lending are market-driven and not subject to the regulations that set interest rates on the Chinese mainland. Offshore RMB is now actively used for cross-border trade, finance and direct investment while rapid and successive waves of liberalisation are opening onshore markets to trade, financing and investment.

    Key developments

    The RMB is progressing rapidly through the three stages of the internationalisation process of use in trade, investment and in global reserves. With trade and investment, the RMB is widely anticipated to be the next global reserve currency.

    Moves to full convertibility

    China is gradually opening channels for capital to flow between the Mainland and international markets, and investors are being given greater accesses to both onshore and offshore RMB. We expect full convertibility on the capital account to occur by 2017-18.

    Read the "Internationalisation of RMB - the story so far (6.51MB,PDF)"

    Read more
  • RMB - Frequently asked questions

    What is the difference between RMB and yuan?

    RMB and yuan both refer to Chinese coins and notes; RMB was adopted as the official name meaning ‘People’s Currency’ by the Chinese Communist Party in 1949. RMB is the generic code for the currency as a whole, CNY is the ISO currency code used for domestic currency and CNH is the name used to refer to the currency offshore.

    Why do offshore and onshore RMB trade at different rates and have different deposit and lending rates?

    The strict controls on cross-border RMB transactions and capital account transfers mean there are different participants and therefore different market conditions for onshore and offshore RMB. As the currency is further liberalised, it’s expected the difference between onshore and offshore rates will converge.

    How global has the RMB become?

    The Chinese government decided to internationalise the RMB for use in global trade and finance in 2009, since then the currency has made major steps to becoming a trading and investment currency. The final step to full internationalisation is reserve currency status when the RMB would be accepted worldwide for investment, financing and payment purposes and adopted by central banks as a reserve currency.

    HSBC expects international adoption of the RMB as a trading currency will be driven by China’s trade with emerging markets – trade outside the main developed nation trading zones currently accounts for 61 per cent of China’s exports and 70 per cent of imports. Trade has been accompanied by outward direct Chinese investment, firstly directed towards resource investment but increasingly towards acquiring overseas brands, which is expected to help drive the currency’s investment status. A series of bilateral local-currency swap agreements between China and over 33 nations represents early steps towards reserve currency status.

    Recent milestones

    • In December 2013 the RMB surpassed the euro to become the second-most-used currency in global trade finance (Euromoney).
    • By August 2014, the RMB was the seventh most used currency in global payment transactions, up from 13th at the start of 2013. Its market share rose to 1.57 per cent, up from 0.63 per cent in January 2013.
    • In November 2014 a new trading link, the Shanghai-Hong Kong stock connect, was launched. This allows global institutional and retail investors to trade Shanghai-listed stocks via the Hong Kong exchange—previously foreign institutional investors required a secured quota from the Chinese government to invest in China’s domestic market.
    • In May 2015, the CSRC and the Hong Kong SFC announce a timetable for the Mainland-Hong Kong Mutual Recognition of Funds (MRF) programme
    • On 11 August 2015, PBOC reforms RMB fixing mechanism to make it more market driven.
    • In December 2015, PBOC introduces a trade weighted China Foreign Exchange Trade System (CFETC) RMB basket as a move away from the US dollar peg.
    • Also in December 2015, the International Monetary Fund (IMF) announced RMB’s inclusion in the Special Drawing Rights (SDR) basket with a weight of 10.92 per cent, effective 1 October 2016.
    • In February 2016, PBOC opens the inter-bank bond market to institutional investors

    When will the RMB be fully internationalised?

    The Chinese government’s programme is a multi-year and gradual process but HSBC believes that the pace could be relatively rapid due to China’s role as the world's second largest trading country and second biggest economy. HSBC Global Research is forecasting that China capital account will achieve full convertibility by 2017-18. This is a key step in order for the currency to become fully internationalised.

    How does the RMB dollar peg work?

    The Chinese government widened the onshore RMB’s daily trading band against the dollar from one per cent to two per cent in March 2014. The US dollar-RMB reference rate is announced daily by the People’s Bank of China. RMB traded in the offshore market is not subject to the daily trading band. On 11 August 2015, PBOC reformed the USD-RMB fixing mechanism to make it more market driven.

    Does the RMB’s internationalisation depend on its appreciation?

    The Chinese government has in the past allowed a gradual appreciation of the RMB against its US dollar peg and this may have influenced companies in their decision to settle trade in RMB. But the Chinese government has signalled it will allow the RMB to fall as well as rise. Following the USD-RMB fixing reform in August 2015, the RMB has experienced more two-way volatility as a result of being more driven by market forces. This is recognised as a result of the transition from a highly managed foreign exchange regime to a more floating one.

    Which are the key mainland Chinese regulators involved in supervising RMB trade, investment and finance?

    The People’s Bank of China (China’s central bank) and the State Administration of Foreign Exchange (responsible for foreign exchange and RMB Qualified Institutional Investor quotas) are the key regulators involved in the RMB Trade Settlement Scheme and RMB regulation; other regulators include the Ministry of Commerce which governs foreign direct investment.

    Can all banks in mainland China provide settlement services for cross-border RMB trade and transactions?

    RMB trade settlement services can only be provided by qualified banks. HSBC China was one of the first foreign banks approved by the People’s Bank of China.

    Can all companies in mainland China conduct cross-border RMB trade?

    All companies in mainland China can settle the import and export of goods and services and make offshore direct investments in RMB, as permitted by relevant authorities. The former Mainland Designated Enterprise schedule that restricted export goods settlement to particular companies has been scrapped. Some companies are monitored on a watch list and are eligible to receive RMB but will be subject to additional checks and are not permitted to make deposits.

    Which countries are ready for RMB cross-border trade settlement?

    Any country can potentially offer RMB cross-border trade settlement depending on its own regulations. Hong Kong is the largest offshore centre at present however many other financial centres around the world are quickly growing their own RMB capabilities.

    Read more
  • Key terms to know in RMB

    Yuan and RMB

    Yuan is normally used in referring to the unit of currency (as in something ‘costing 10 yuan’), while RMB is the official name, introduced in 1949 and meaning ‘people’s currency’. A comparison would be with the UK, where sterling is used as the currency’s formal name but ‘the pound’ is more frequently referred to informally or as a unit of denomination.

    Dim Sum bonds

    Bonds denominated in RMB, and issued in Hong Kong (their colloquial name comes from the term ‘dim sum’, or individual portions of steamed and fried food popular with the Cantonese, the local people of Hong Kong). Issuers of Dim Sum bonds in Hong Kong have included Chinese and international banks, foreign corporations like McDonald’s and supranationals such as the Asian Development Bank.

    The large majority of Dim Sum issuance has come from Hong Kong, although other markets are also developing rapidly.

    Initially, investors were prepared to accept lower yields for Dim Sum than other fixed income investments, as they had higher expectations of Chinese currency appreciation. As these expectations have faded, more focus has been given to issuer credit quality and yield.

    The CNH and CNY markets

    Terms used in the financial press, to distinguish between RMB circulating inside and outside China.

    The CNH market is used to refer to RMB being traded offshore.

    CNH is used as the currency code (hence Dim Sum bonds are also known as ‘CNH bonds’).

    QDII investment

    The Qualified Domestic Institutional Investor (QDII) scheme was launched in 2006 and allows Chinese institutions and residents to invest overseas through investment funds arranged by local banks, insurers and asset managers.

    Regulators put a hold on new QDII investment during the financial crisis and Chinese investors also began losing interest after heavy losses on some initial investment flow. Interest has showed signs of picking up again, with more QDII licences awarded, as well as an increase in the approved overseas investment quota.

    QFII investment

    The inverse of the QDII scheme in which Qualified Foreign Institutional Investors (QFII) can buy and sell Chinese stocks and bonds. Launched in 2003, QFII offered foreign institutions their first opportunity to purchase shares on the Shenzhen and Shanghai stock exchanges, although purchases are made in US dollars. This summer the programme was expanded from USD30 billion to USD50 billion of quota. There were also further revisions of the rules that relaxed entry requirements and transaction limitations for participating investors.

    In 2012 a pilot scheme for RMB Qualified Foreign Institutional Investors (RFQII) was launched. The RFQII programme differs from QFII in allowing investment in RMB, although the quota available to investors is lower. Initial interest in the scheme was muted, although it has grown since as a wider range of investment options became available.

    RMB IPOs

    The first ever yuan-denominated equity offering outside the Mainland was completed in Hong Kong in May 2011, with the USD1.6 billion Hui Xian Real Estate Investment Trust. Hui Xian controls the Oriental Plaza complex in Beijing, which includes a shopping centre, two serviced-apartment towers, a high-end hotel and eight office buildings. One year later, Hopewell Highway International placed RMB386 million of new shares.

    Since then, no further RMB initial public offerings (IPO) have taken place in Hong Kong, partly reflecting weak market sentiment for much of the period.

    CNH clearing bank

    The bank managing all activities from the time a commitment is made for a transaction until it is settled.

    Bank of China (Hong Kong) was appointed as the sole offshore clearing bank in 2003 for yuan-clearing services in relation to deposits, exchanges and remittances, serving as a conduit between the central bank (The People’s Bank of China) and overseas financial institutions for RMB flow into/out of China. It has since been joined by other entities, and clearing arrangements have been extended to 12 centres around the world.

    Reserve currencies

    A currency held in significant quantities by governments and institutions as part of foreign exchange reserves. Also, often the preferred tender in the international pricing of products traded on global markets, like oil or gold.

    Reserve currency status offers various benefits. For instance, global demand for US dollars generally means that the US government can borrow at a lower cost. It also allows for dollar-denominated trade to be conducted with less exchange rate risk and lower transactional costs.

    International currencies

    Currencies used as the means of exchange in trade and sometimes held as reserves. International currencies are slightly below reserve currencies in the monetary pecking order. The euro, the British pound, the Japanese yen and the Swiss franc would all qualify. Some argue that the RMB is already approaching international currency status.

    Current account

    A component of a country’s balance of payments, made up of its trade balance, as well as returns on its loans and shareholdings overseas.

    Famously, China has run a large current account surplus, primarily from exporting more than it imports. But this surplus has now begun to narrow – something often raised by those who believe that the RMB is no longer as undervalued against other currencies as it was in the past.

    Capital account

    The second component in the balance of payments calculation, consisting primarily of long-term investment capital – like foreign direct investment (FDI) – and portfolio investment (in shares and bonds).

    Although China’s current account is now liberalised, direct and portfolio investment options under the capital account are only partially open. The channels that are available include QFII (see above). Also, since mid-2010, various banks in Hong Kong and elsewhere have been allowed to invest their Chinese currency deposits in bonds issued and traded within China itself (the onshore interbank bond market).

    Previously, Chinese companies had to exchange their yuan for foreign currency in order to invest overseas. In January 2011 a trial outward direct investment (ODI) programme was announced in which Chinese corporations have been allowed to use RMB for some direct investment offshore. Companies participating in the trial project must declare the amount of their proposed outbound investment to regulators.

    Capital controls

    Measures intended to regulate and/or restrict cross-border capital flow. For Chinese policymakers, the key objective of capital controls is to prevent non-residents from holding domestic RMB-denominated assets that are unrelated to trade and long-term capital flows. Control of these assets serves a variety of purposes linked to the government’s strategies for economic growth and development.

    RMB Trade Settlement Scheme

    The scheme kicked off in July 2009 with a pilot project for five coastal cities to settle their trade in RMB with Hong Kong, Macau and ASEAN countries. It was then expanded in June 2010 to a total of 20 Chinese cities (and almost 70,000 eligible companies) for all foreign trade transactions (ie with all countries overseas). In 2011 it was opened up to all Chinese companies in all provinces, although different rules apply for imports and exports.

    Approximately 17 per cent of China’s trade was being settled in RMB by 2013.

    Convertibility

    Fully convertible currencies can be changed into other currencies at any time, without government restrictions. The RMB is fully convertible only in the current account (for trade settlement and to convert company profits).

    Conversion for the capital account – purchasing shares in Chinese companies in RMB from offshore, or putting RMB directly into an investment project overseas – is still subject to official restrictions or quota schemes such as RQFII or the Shanghai Hong Kong Stock Connect programme.

    Currency swaps

    An agreement to swap one currency for another, usually with a commitment to reverse the swap in future. During the credit crisis China began signing currency swap deals with a number of countries in emerging markets, to counter the seizing up of trade finance options in the US dollar. Most of these bilateral transactions were completed to support immediate settlement of cross-border flows in goods and services. Once the crisis had subsided, Beijing said the swap lines could remain in place to help in bilateral trade and investment. Over 20 countries have now signed up for new swap arrangements, including the UK and Switzerland.

    Special drawing rights scheme (SDR)

    Introduced by the International Monetary Fund (IMF) in 1969, SDRs were created to support the fixed exchange rate system under Bretton Woods, which depended on the availability of dollars and gold, but struggled to keep pace with demand for both as global trade boomed.

    The SDR was envisioned as a kind of reserve currency that could fill the gap, helping countries with inadequate reserves to acquire an internationally recognised currency to maintain exchange rates. The emergence of floating exchange rates and the rise of international capital reduced the need for SDRs, but they are still set to a daily rate against a basket of currencies. Zhou Xiaochuan, governor of China’s central bank, was thought to be advocating something similar when he suggested a ‘super-national’ currency for the world in 2009. The yuan is not yet included in the basket used to calculate SDRs, although this is widely expected to happen sooner or later.

    Read more
  • Recent awards prove HSBC's leading position as a top RMB House

    Asiamoney Offshore RMB Poll 2015
    Best Overall Offshore RMB Products and Services - 5th consecutive year
    IFR Asia Awards 2014
    Winner of Dim Sum Bond House -
    3 years in a row
    Asia Risk Awards 2014
    Asia Risk Awards 2014
    – RMB House of the Year
    – House of the Year, Hong Kong
    FinanceAsia Achievement Awards 2013
    FinanceAsia Achievement Awards 2013
    – Best Offshore Renminbi Offering
    Capital Markets Daily Bond Awards 2014
    Capital Markets Daily Bond Awards 2014
    – Best RMB CPCD Dealer
    FX Week Best Banks Awards 2013
    FX Week Best Banks Awards 2013
    – Best Bank for FX in Asia-Pacific
    – Best Bank for Emerging EMEA currencies
    – Best Bank for Emerging Asian currencies
    Euromoney Awards for Excellence 2013
    Euromoney Awards for Excellence 2013
    – Best Global Emerging Market Investment Bank
    – Best Global Emerging Market Debt House
       
    Read more

Video: Client case study

Disclaimer


Clicking on this link will lead you to a website which is not associated with HSBC, and may be governed by its own terms of use.

Ok

RMB Website -Terms and Conditions

General terms and conditions

By accessing the pages of this website (the 'Site'), you agree to be bound by these terms and conditions (the 'Terms and Conditions'). Before using this Site, you should read carefully the Terms and Conditions.

This Site is operated by HSBC Bank plc. HSBC Bank plc is incorporated in England and Wales and established at 8 Canada Square, London E14 5HQ which is its registered office. HSBC Bank plc is regulated by the Financial Services Authority and is registered in the Financial Services Authority Register with the following Registration Number: 114216. HSBC Bank plc's registered VAT Number is GB 365684514 and its Company Register Number is 14259.

HSBC Bank plc is a member of the Financial Ombudsman Scheme and subscribes to the Banking Code and the Business Banking Code.

In this document:

  • References to 'you', 'your' and 'yours' are references to you, the person(s) accessing this Site
  • References to 'we', 'us' and 'our' are references to HSBC Bank plc
  • References to the 'HSBC Group' means HSBC Holdings plc, its subsidiaries and associated companies from time to time.
  • References to the 'HSBC Group' means HSBC Holdings plc, its subsidiaries and associated companies from time to time
  • References to 'market information' on this Site refer to market and research related services. Market information includes, but is not restricted to, global research, bonds offerings, market data, market commentary and trading ideas.

General

The Privacy and Data Protection Statement (including the Cookie Policy) can be viewed by clicking on the link specified below and shall be deemed to be incorporated in the Terms and Conditions.

Note that particular products and services provided by any member of the HSBC Group may have their own terms and conditions which will form the legal agreement between you and that member of the HSBC Group. You should carefully read such terms and conditions before obtaining the product or service from that member of the HSBC Group.

We may change the Terms and Conditions at any time by updating these pages. You agree to review any applicable terms and conditions regularly and that your use of any part of this Site will be subject to any such changes once they are made.

Availability of the site, products and services

The content, including layout, of this Site or products or services available via this Site may be wholly or partially suspended, withdrawn or changed at any time. We reserve the right at any time to immediately suspend the provision of all or any part of this Site to you and/or block your access to this Site.

The provision of financial services or products

Not all the products and services that you may be able to view via the Site are available in all geographical locations. The relevant HSBC Group member reserves the right to make the final determination on whether you are eligible for any particular product or service.

Market information

Market information services are not intended to provide professional advice and should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient.

Market information is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Market information is obtained from sources believed to be reliable but which has not been independently verified; no guarantee, representation or warranty is made and no responsibility or liability as to its accuracy or completeness is accepted.

Reliance on information

Expressions of opinion are those of HSBC only and are subject to change without notice. Information or opinions contained on this Site do not constitute an offer to sell or a solicitation, or offer to buy, any securities or financial instruments or investment advice or any advice or recommendation in respect of such securities or other financial instruments.

Should you seek to rely in any way whatsoever upon any content contained on this Site, you do so at your own risk.

The information on this Site is based on understanding of current law, regulation and tax practice at the time of going to press. Future changes in law, regulation, or tax practice could affect the information on this Site.

Before you make any decision or take any action that might affect you or your personal finances or business, you should always consult a suitably qualified professional adviser(s) to obtain appropriate financial, legal, accounting, tax and other advice.

Investment performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where overseas securities are held, the rate of exchange may cause the value of the investment to go up as well as down. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such a forecast, projection or target.

In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed.

Interest by hsbc group members

Members of the HSBC Group and/or their officers, directors and employees may own or have positions in any securities mentioned in this Site (or in any related investment) and may from time to time add to or dispose of any such securities (or investment).

Members of the HSBC Group may act as market maker or have assumed an underwriting commitment in the securities of companies discussed in this Site (or in any related investment).

HSBC may sell securities to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. This material may not be reproduced or further distributed, in whole or in part, for any purpose.

No warranties

Other than the warranties and representations contained in the Terms and Condition, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. The use of the Site is at your sole risk.

While we have taken reasonable steps to ensure the accuracy, currency, availability correctness and completeness of the information contained on the Site, information is provided on an "as is" and "as available" basis.

We do not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

We make no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with the Site.

Passwords and security

In order to use the Site or one or more parts of it, you may be required to become a registered user. In order to become a registered user you will need one or more of the following, namely, registered username, password, security device, other security identifier ('Password') in accordance with our procedures in place from time to time.

You must tell us immediately of any unauthorised access to the Site using your Password or any unauthorised transaction or instruction which you know of, or if you suspect someone else knows your Password.

You are wholly responsible for use of the Site by any person using your Password. We reserve the right to suspend access to the Site in the event that we suspect that an unauthorised person is attempting to access the Site using your Password.

Third party sites and endorsements

Where we provide hypertext links to other locations on the internet, we do so for information purposes only. We are not responsible for the content of any websites or pages of third parties linked to or from this Site. Following links to any websites or pages of third parties shall be at your own risk. We shall not be responsible or liable for any damages or in any other way in connection with such linking of those websites or pages.

Links to third party downloadable software sites are for convenience only and we are not responsible nor are we liable for any difficulties or consequences associated with downloading that software. You are responsible for obtaining all necessary authorisations to use such software and we give no implied licence or warranty in relation to the obtaining of or use of such software whatsoever.

No endorsement, approval or responsibility for appropriateness of any third parties or their advice, opinions, information, products or services is expressed or implied by any information on this Site or by any hyperlinks to or from any third party websites or pages.

Links to our site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. We are not responsible for the set up of any link from a third party website to our Site.

Intellectual property rights

All intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in this Site are owned by or licensed to us unless otherwise stated.

HSBC and the hexagon logo are trademarks of HSBC Holdings plc and all rights and benefits in them vest in HSBC Holdings plc.

You may print, copy, download or temporarily store extracts from this Site for your personal use or to help you use our products and services. You must not alter any extract obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit all or any part of this Site.

Internet and e-mail communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or alteration.

Neither we nor any other member of the HSBC Group are responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our monitoring of communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Miscellaneous

Any notice to be given under these Terms and Conditions must be communicated by post, telex, email or facsimile to the address most recently notified by the receiving party. Receipt of notice shall be deemed to occur at the time when the notice would in the ordinary course be delivered or transmitted. If any part of these Terms and Conditions is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of such terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

Exclusion of our liability

To the extent permitted by law, neither we nor any member of the HSBC Group shall be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with (a) your use of this Site; (b)your reliance on or your inability to use the information, products or services on this Site; and/or (c) any failure in performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data. All the above exclusions apply even if you have advised us or any other member of the HSBC Group of the possibility of the above types of damage, loss or liability. Nothing in these terms shall exclude or limit the liability of any member of the HSBC Group in relation to fraud, personal injury or death.

Governing law

These Terms and Conditions are governed by and are to be interpreted in accordance with the laws of England and Wales. The courts in England and Wales will have non-exclusive jurisdiction in respect of any dispute which may arise in connection with the Terms and Conditions or your use of this Site.

Your queries

If you wish to contact HSBC Bank plc, please refer to the Contact Us link which can be found on each page of the Site.

Privacy and data protection statement

HSBC's business has been built on trust between us and our customers. To preserve the confidentiality of all information you provide to us, we commit to the following in relation to such information:

  • HSBC will only collect the information that it believes to be relevant and required to understand the customer's financial needs and to conduct HSBC's business.
  • HSBC will use the information to provide customers with better customer services and products.
  • HSBC may pass the information to other HSBC Group companies or agents, as permitted by law.
  • HSBC will not disclose the information to any external organisation unless HSBC have customer consent or are required by law or have previously informed the customer.
  • HSBC may be required, from time to time, to disclose the information to Governmental or judicial bodies or agencies or HSBC's regulators but HSBC will only do so under proper authority.
  • HSBC aim to keep the information up-to-date.
  • HSBC maintain strict security systems designed to prevent unauthorised access to the information by anyone, including HSBC staff.
  • All HSBC group companies, or HSBC staff and all third parties with permitted access to the information are specifically required to observe HSBC's confidentiality obligations.

References above to 'information' shall be deemed to include personal data.

By maintaining our commitment to these principles, we will ensure that we respect the inherent trust that you place in HSBC.

Your personal data may be disclosed or transferred worldwide to agents or third parties authorised to act on our behalf or other members of the HSBC Group or to third parties including our subcontractors, for the purposes of: providing services to you or the company/organisation that you represent and/or for servicing and/or developing our relationship with that company/organisation or you, verifying your identity, preventing and detecting crime and complying with appropriate governmental and non-governmental regulators or ombudsman.

By accepting the Terms and Conditions, you shall be treated as having consented to the disclosure, processing, storage and transfer of your personal data in the manner described above.

Cookies

You should read our Cookie Policy to find out more about how HSBC and our trusted partners use cookies, which is relevant to your online security. We use cookies to make our website more secure and easier to use.

Privacy and Data Protection Statement

HSBC's business has been built on trust between us and our customers. To preserve the confidentiality of all information you provide to us, we commit to the following in relation to such information:

  • HSBC will only collect the information that it believes to be relevant and required to understand the customer's financial needs and to conduct HSBC's business.
  • HSBC will use the information to provide customers with better customer services and products.
  • HSBC may pass the information to other HSBC Group companies or agents, as permitted by law.
  • HSBC will not disclose the information to any external organisation unless HSBC have customer consent or are required by law or have previously informed the customer.
  • HSBC may be required, from time to time, to disclose the information to Governmental or judicial bodies or agencies or HSBC's regulators but HSBC will only do so under proper authority.
  • HSBC aim to keep the information up-to-date.
  • HSBC maintain strict security systems designed to prevent unauthorised access to the information by anyone, including HSBC staff.
  • All HSBC group companies, or HSBC staff and all third parties with permitted access to the information are specifically required to observe HSBC's confidentiality obligations.

References above to 'information' shall be deemed to include personal data.

By maintaining our commitment to these principles, we will ensure that we respect the inherent trust that you place in HSBC.

Your personal data may be disclosed or transferred worldwide to agents or third parties authorised to act on our behalf or other members of the HSBC Group or to third parties including our subcontractors, for the purposes of: providing services to the company/organisation that you represent and/or for servicing and/or developing our relationship with that company/organisation or you, verifying your identity, preventing and detecting crime and complying with appropriate governmental and non-governmental regulators or ombudsman.

By accepting the Terms and Conditions, you shall be treated as having consented to the disclosure, processing, storage and transfer of your personal data in the manner described above.

Cookies

You should read our Cookie Policy to find out more about how HSBC and our trusted partners use cookies, which is relevant to your online security. We use cookies to make our website more secure and easier to use.

RMB Specific Risks for RMB Products: Help

Renminbi (RMB) is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to certain restrictions. Clients should be reminded of conversion risk in RMB products. In addition, there is a liquidity risk associated with RMB products, especially if such investments do not have an active secondary market and their prices have large bid/offer spreads. RMB products in Hong Kong are denominated and settled in RMB deliverable in Hong Kong, which represents a market which is different from that from that of RMB deliverable in Mainland China. For individual clients, conversion of RMB is subject to daily limit in Hong Kong, the clients may have to allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. Please refer to the offering documents of the respective RMB products for details, including risk factors.

Disclaimer:

This document is issued by HSBC Bank plc. HSBC makes no representation or warranty (express or implied) of any nature with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this document. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. This document does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security, commodity or other investment product or investment agreement, or any other contract, agreement or structure whatsoever. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a HSBC Group member in your home jurisdiction if you wish to use HSBC Group services mentioned in this document.


Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


This link may direct you to another HSBC Group website. Please read the terms and conditions of the linked website, which may differ from the terms and conditions of the RMB Resource Center.

Ok

Disclaimer


Clicking on this link will lead you to a website which is not associated with HSBC, and may be governed by its own terms of use.

Ok

This video is currently unavailable. Please try again later.