In addition, the bank is also planning to launch United Renminbi Bond Fund for retail investors in by the end of March.
According to the bank, the UOB Foreign Currency Fixed Deposit account pays interest rates ranging from 0.9% for a one-month deposit of at least Chinese Renminbi (Offshore) (CNH) 250,000, to 1.45 % for a 12-month deposit of at least CNH5m.
Other newly introduced account, Global Currency Premium Account, offered exclusively to UOB Privilege Banking clients, pays interest of 0.7% per annum for a minimum deposit of CNH250,000.
To be launched United Renminbi Bond Fund will offer retail investors in Singapore access to the CNH bond market as well as the offshore Renminbi market in Hong Kong.
The fund will launched by UOB Asset Management (UOBAM), the bank’s asset management arm. It invests primarily into the CNH bond market. The CNH bonds are typically issued by large corporations or Chinese government agencies.
UOB regional head of deposits, investments and insurance strategy Gemma Tay said that with the Chinese Renminbi (Offshore) Deposits and the United Renminbi Bond Fund designed especially for retail investors, anyone can participate in China’s growth.
