Renminbi Time Deposits｜Latest High-Yield in July: 7.88% per annum! 1-Year Term Hits a New High at 1.7%

Hong Kong’s RMB business is growing rapidly. The number of RMB deposits has hit a new high. The latest end-of-May data show that Hong Kong has RMB deposits of 1.13T RMB (Renminbi). With a scale of over 1.1 trillion RMB, it is the highest level in history, mainly reflecting corporate capital flows.

For general individual depositors who hold RMB deposits, you may consider making time deposits that pay interest. Although the deposit interest rates are not as high as Hong Kong dollars or other foreign currencies, the exchange rate has potential for appreciation.

RMB fixed deposits: higher yield and better return value vs. Hong Kong dollar fixed deposits with relatively lower interest rates

Based on the information above, the annual interest rate of RMB fixed deposits is lower than that of Hong Kong dollars—especially after Hong Kong dollar fixed deposits have recently gone through a series of rate hikes, with many rising above 3%. This further widens the gap with RMB.

However, the RMB has room to appreciate. It has already appreciated by 5% over the past year, enough to make up for the shortfall in deposit interest rates.

This morning (10th), the RMB to USD central parity rate was 6.7989, again breaking above the 6.8 level and hitting the highest in nearly three and a half years. Goldman Sachs previously said that the RMB is seriously undervalued by more than 20%, and is expected to rise to 6.5 within the next 12 months.

RMB time deposit interest rate: 7.88 per mille

In July, the new customer promotion for Building Bank (Asia) again increased the rate. The annual interest rate for RMB time deposits for new customers reached 7.88 per mille, but note that not all principal amounts enjoy such a high rate.

The bank currently offers two promotions at 7.88 per mille. Both are for a 3-month deposit term and are given to different wealth management customer groups.

For the new “Private Wealth” customers (asset threshold must reach HK$8 million), for new funds with an equivalent amount of HK$1 million to HK$5 million, when opening a 3-month RMB time deposit, the first 15% of the amount earns a 7.88 per mille annual interest rate. The remaining 85% of the principal earns the current time deposit interest rate, which is 1.35 per mille.

The other option is for new “VIP Wealth Management” customers (asset threshold must reach HK$1 million), with the same arrangement: open a 3-month RMB time deposit, the first 15% of the amount earns a 7.88 per mille annual interest rate, and the remaining 85% of the principal earns the current time deposit interest rate of 1.35 per mille. The initial deposit amount differs slightly, applying to new funds of an equivalent amount of HK$1 million to HK$3 million.

The bank also offers a separate 3-month deposit option at 5.88 per mille per annum for customers who open accounts remotely via mobile banking, but the principal is limited to at most an equivalent of HK$50k.

Nanyang Commercial Bank: 1.7 to 2.3 per mille claims dominance across different tenors

Nanyang Commercial Bank has also been actively competing for RMB deposits. Its 12-month time deposit rate has climbed to 1.7 per mille, surpassing Bank of China (Hong Kong)’s 1.5 per mille to become the citywide new high. However, it applies only to funds converted to RMB for opening the deposit. For general new funds, the rate is 1.4 per mille, which is lower than the 1.5 per mille offered by Bank of China (Hong Kong), Fuiong Bank, and Ant Bank.

Nanyang’s 2-month and 3-month RMB time deposits have the highest rate of 2.3 per mille, which is a rare market offer above the 2 per mille level. However, this is part of its “Diversified Allocation, Diversified Reward Interest” promotion. Customers need to subscribe simultaneously for products such as bonds, funds, or life insurance to open the corresponding RMB time deposit using the eligible new funds.

RMB exchange-converted time deposits: up to 21 per mille

If you are interested in converting to RMB and then making a time deposit, you can consider banks’ RMB exchange-converted time deposit promotions. RMB is currently the currency with the highest rates. Even if other foreign currencies like the Australian dollar or British pound have rates above 15 per mille, they still fall short of RMB’s highest 21 per mille.

Ping An Digital Bank’s “Foreign Currency Exchange Time Deposit Limited-Time Offer” allows you to complete both the foreign currency exchange and the time deposit opening at the same time. RMB time deposits earn 21 per mille for 7 days, 10 per mille for 14 days, 6.8 per mille for 1 month, and 2.5 per mille for 3 months—so all are the highest rates in the market.

Qianhai Bank (WeBank) also offers a 7-day RMB exchange-converted time deposit with an annual interest rate of 20 per mille. For traditional banks, DBS has the highest at 16 per mille. Nanyang and Fubon offer 13.88 per mille and 12.88 per mille respectively.

Major banks generally also have promotions. Although their annual interest rates are lower, they still exceed 10 per mille. HSBC and Hang Seng are at 12 per mille. Bank of China (Hong Kong) and Standard Chartered are 11.8 per mille and 11 per mille respectively.

Last updated in this article: July 10, 2026

More high-yield deposit options:

New high for Hong Kong dollar time deposits! The 2-year term breaks above 3% per annum. 12-month at 3.3%, and a 10-bank clash for 3% long-term interest

Hong Kong dollar demand deposits at 5.8% per annum: detailed analysis of July promotions! Up to 8% for new customers

US dollar time deposits｜Latest high-yield ranking for July! 3-month at 8.88%, 6-month term, and up to 4% for the 1-year term