Julius Baer launches expanded RMB product range

The bank can now offer RMB conversion services, current and fixed deposit accounts, RMB-denominated unit trusts, currency linked investments and bonds.

According to Kenneth Ho, Head of Products Asia Pacific, an increasing number of clients are interested in investing in RMB denominated products, seeking ways to gain access to the long term potential of the Chinese currency. This is a worldwide demand.

Hong Kong officially became China’s offshore financial centre in 2004 when renminbi banking was launched. Licensed banks were allowed to take deposits and provide currency exchange and remittance services to customers, resulting in a rapid growth in renminbi business. With Singapore's close trade and commercial relationships with China, we expect interest in RMB-denominated products to mirror the strong growth in Hong Kong.

Julius Baer’s new services are currently available within the Hong Kong and Singapore booking centres and, as the offshore RMB market grows, the Bank plans to expand its product range to include other products, such as investment funds.

Ho adds, “In addition, the market is anticipating some RMB denominated IPOs to be listed in Hong Kong in the near future and we would expect our clients to be interested in exploring such opportunities as they occur.”