HSBC is extending its preferential offers on renminbi services with a number of rebates and special incentives. Since Friday the bank is offering a rebate of between 20 and 35 basis points on Hong Kong dollar to yuan transfers.
The rebate will be credited to the customer's yuan account. The rebates are offered on a sliding scale, with transfers under HK$100,000 earning 20 basis points (up to 200 yuan), or 35 basis points for amounts of HK$500,000 or greater (up to 1,750 yuan).
As an added incentive to shift money out of Hong Kong dollars and into the mainland currency, the bank will waive its yuan notes deposit fee until September 30. The waiver applies only to customers who deposit 50,000 yuan or more on a single day.
Savings accounts denominated in yuan instead of Hong Kong dollars receive a 0.50 per cent interest rate premium. Customers with deposits above 5,000 yuan will receive 0.45 per cent per annum.
