New services include the first CNH-denominated hedge fund offering of HSBC Private Bank’s flagship hedge fund, new CNH fixed income products, the first ever CNH-denominated Hong Kong-based initial public offering, and a CNH bond fund.

Since the launch of its CNH services last July, HSBC’s CNH product initiatives have totalled CNH 19 billion ($3 billion).

“The success and rapid growth of our suite of products show the demand from private bank clients for access to the CNH market. HSBC Private Bank’s close co-operation with its global banking and markets division has brought our clients to realise the enormous investment potential of the region. We believe that economic growth in the Far East region will prove relatively resilient to the slowdown in developed markets and this is leading to a greater demand for CNH exposure,” said Daniel Ellis, head of the investment group.

When the Hong Kong Monetary Authority liberalized the trading of offshore Chinese Renminbi in Hong Kong in July 2010, a number of private banks including HSBC began providing Reminbi-denominated asset services to their clients, including Italian asset manager Azimut, the UK's Guinness Asset Management, and Swiss private bank Julius Baer.

The move is part of the bank’s aggressive growth in Asia, which HSBC predicts will be the largest wealth market as early as 2013. The bank recently announced plans to hire 150 relationship managers with particular emphasis on the emerging markets.