Hong Kong banks offer savers better interest rates but only on yuan deposits

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HSBC raises yuan deposit rate to 3.8pc after Bank of China raised it to 4pc

Hong Kong banks offer savers better interest rates but only on yuan deposits | South China Morning Post

3.8% interest time deposit for a "safe" investment. Obviously carries currency risk.

However bet you this is for "new" money.

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more likely because weakening bias for CNY has vanished.. everyone keen to hog up yuan again..
i think 3.8% they can still make a small margin if they loan it out into the onshore channel.. but depends on what is the current policy on currency movements ... via NRA etc.. things change so regularly sometimes hard to keep track.. and CNY rates are often driven by the regulatory restrictions.