RMB deposits in HK for non-residents?

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  1. #1

    Join Date
    Sep 2007
    Posts
    29

    RMB deposits in HK for non-residents?

    Hello,

    I am based in mainland and would like to keep most of my banking in HK.

    Considering that USD and HKD: steadily depreciate against EUR and that I believe CNY will appreciate against EUR/EUR in the next months, I would like to keep more CNY in my hands while still having them available for online banking or transfers...

    My question: how to maintain CNY in HK without HKID? From what I read on HSBC and other banks websites, only HKID holders can open a CNY account. Is there any way around?

    Thanks!


  2. #2

    Join Date
    Jul 2007
    Location
    TST and Macau
    Posts
    1,427
    Quote Originally Posted by bgnewsletters:
    Hello,

    I am based in mainland and would like to keep most of my banking in HK.

    Considering that USD and HKD: steadily depreciate against EUR and that I believe CNY will appreciate against EUR/EUR in the next months, I would like to keep more CNY in my hands while still having them available for online banking or transfers...

    My question: how to maintain CNY in HK without HKID? From what I read on HSBC and other banks websites, only HKID holders can open a CNY account. Is there any way around?

    Thanks!
    I don't thinnk so, because this rule is set by the mainland gouvernment. It is the same in Macau. There are also strict limits of how many RMB you can deposit each day. Furthermore the interest on RMB in HK is only around 0.5% pa, whereas it is much higher in China (Even after the 20% tax deduction)
    Last edited by hktraveller; 27-10-2007 at 10:07 AM.