Barclays Wealth has become the latest private
wealth manager to offer renminbi-denominated investment products
driven by demand from its ultra high and high net worth
clients.
The booming offshore market for the Chinese
currency, the yuan renminbi (RMB), is driving demands for
RMB-denominated investment services.
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Barclays Wealth clients can now invest in RMB
deposits, RMB deliverable spots and forwards, foreign exchange
swaps, inward and outward remittances as well as bonds.
Latest figures from the Hong Kong Monetary
Authority show the RMB deposit base in Hong Kong was RMB451.4bn at
the end of March, up by almost 10% from the previous month.
RMB market growing “staggeringly
quickly”: Chris Meares
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By GlobalDataBarclays Wealth joins HSBC Private Bank, OCBC
and DBS among the rank of private banks offering products and
services to invest in the much sought-after Chinese currency.
In an interview in PBI’s upcoming
edition, Chris Meares, global chief executive of HSBC Private Bank,
said the offshore RMB market was growing “staggeringly
quickly”.
Meares added that he wants HSBC to be the
global number one offshore RMB product provider.
HSBC’s 11 May investor strategy presentation
said it had sold $2bn in offshore RMB products across all asset
classes.
