China CITIC Bank launches a new time deposit product in the Renminbi and Australian dollar currencies.

China CITIC Bank, the Beijing-based bank, has launched a new time deposit promotion that is in the Renminbi and Australian dollar currencies.

The three-month RMB and AUD product has a preferential uniform interest rate of 3.55 per cent per annum, in addition to special HKD/RMB and HKD/AUD exchange offers. The move addresses the growing demand for "diverse wealth management services and innovative deposit products," said the firm in a statement. 

The terms of the promo require that existing and new clients convert HKD funds into a minimum of RMB100,000 ($16,000) or A$20,000 ($18,700) through the bank to enjoy the special interest rate. CITIC also provides such with foreign exchange discounts of five and 10 pips for HKD/RMB and HKD/AUD respectively. 

China CITIC has an extensive international presence, being 29.68 per cent-owned by Banco Bilbao Vizcaya Argentaria of Spain. In Greater China alone, it has 36 branches, including Hong Kong. Its overseas branches are in New York, Los Angeles and Singapore.