HSBC Bank Canada on Monday announced the launch of a Chinese currency-denominated term deposit account for individual savers, providing another option to invest locally in Renminbi (a.k.a. yuan), one of the world’s fastest growing currencies.

See: Chinese yuan to join world’s leading currencies

Complementing HSBC’s existing Renminbi savings account for retail clients, the new term deposit account will give Canadians a Renminbi savings option that may offer a higher rate of interest than a savings account alone.

Betty Miao, executive vice president and head of retail Banking and wealth management, HSBC Bank Canada comments: “Expanding our suite of RMB services to give individual Canadians — in particular those with ties to China — the opportunity to save and earn interest on their Chinese currency holdings is a natural benefit of HSBC’s global presence.”

The term deposit account is available in terms from 30 days to one year, is non-redeemable, and interest will be paid at maturity.