HSBC launches large-scale retail CDs
Print Edition
HSBC became the first foreign bank to launch large-denomination certificates of deposit (CDs) to retail customers in China’s mainland yesterday as the country liberalizes interest rates.
The subscription threshold for an individual for the CD is 300,000 yuan (US$47,322), with three-month maturities carrying an annualized interest rate of 1.595 percent, and 2.175 percent for one-year maturities.
Shanghai, Beijing, Guangzhou and Shenzhen are the first four cities to launch the large-sum CDs, HSBC said.
“Foreign banks’ participation in China’s market will help diversify product offerings and accelerate its development,” said Richard Li, executive vice president and head of retail banking and wealth management at HSBC China.
A CD is a promissory note issued by a bank and bears a maturity date, a specified fixed interest rate and can be issued in any denomination. The term of a CD generally ranges from one month to five years.
On June 15, nine banks, including the Big Four state-owned lenders, started to issue the country’s first batch of large-scale CDs after the central bank allowed its trading on June 2.
CDs worth 118.6 billion yuan had been issued to individuals in the country by the end of July, according to the People’s Bank of China.
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