UAE banks focusing more on the Chinese

Offer RMB deposit accounts, among other services.

UAE banks are increasingly introducing new financial services to cater to the growing demand from the Chinese. Among the offerings include Renminbi deposit accounts and a banking platform to serve Chinese businesses in the UAE.

There are some 5,000 Chinese-run enterprises in the UAE while the country attracts thousands of visitors from China every year.

HSBC last week announced the launch of a series of RMB deposit accounts for Chinese customers and other individuals looking to invest in RMB. Last December, the Commercial Bank of Dubai launched a Chinese banking platform called TianLong to support the business and personal banking requirements of Chinese small and medium enterprises.

Among the services offered include Chinese language documentation, Chinese speaking relationship managers, dedicated Chinese speaking call centre agents and RMB accounts.

China is expected to settle 30% of its annual trade in RMB, which is equivalent to some US$2 trillion.