HSBC Bank (China) announced Tuesday it had started to issue 1-month, 3-month, 6-month, 12-month and 24-month certificates of deposit (CD) for institutional clients.
The first international bank to sell CD products to companies in the Chinese mainland, it has set the minimum subscription amount for such CDs at 10 million yuan and their interest rates will be up to market conditions and demands from clients.
Since the debut of CDs in June, many financial institutions such as state-owned banks, joint stock commercial banks and urban commercial banks all have tested the market.
By the end of September, 1,860 batches of CDs had been sold to businesses and individuals for a total amount of 1.36 trillion yuan.
HSBC Bank (China) is the largest foreign bank in the Chinese mainland. In July 2014, it issued the first batch of interbank CDs and began selling CDs to individual investors in Beijing, Shanghai, Guangzhou and Shenzhen from November.
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