OCBC has launched two offshore deposit
products designed to benefit from an appreciating Offshore
Renminbi.
The launch reflects increasing demands from
sophisticated high net worth investors looking to diversify their
investment portfolios with exposure to Chinese Renminbi.
Go deeper with GlobalData
The Renminbi Call Account and Renminbi Time
Deposit products will allow clients to get returns dependent on the
fluctuation of the Chinese currency.
Conversion risks
The bank, with private banking services
provided by subsidiary Bank of Singapore, said it will mitigate the
conversion risk usually associated with such products by offering
one of the most competitive foreign exchange rates available for
offshore Renminbi.
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By GlobalDataThe deposit products will only be offered to
customers of OCBC Premier Banking, with a minimum balance required
for both products of CNY250,000 ($38,000).
OCBC Bank global wealth management head
Nicholas Tan said the products best suit those with significant USD
holdings, as analysts expect offshore Renminbi to appreciate
against the USD in the long term.
