RMB Specific Risks for RMB Products:

Renminbi (RMB) is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to certain restrictions. Clients should be reminded of conversion risk in RMB products. In addition, there is a liquidity risk associated with RMB products, especially if such investments do not have an active secondary market and their prices have large bid/offer spreads. RMB products in Hong Kong are denominated and settled in RMB deliverable in Hong Kong, which represents a market which is different from that from that of RMB deliverable in Mainland China. For individual clients, conversion of RMB is subject to daily limit in Hong Kong, the clients may have to allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. Please refer to the offering documents of the respective RMB products for details, including risk factors.

Disclaimer:

This document is issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC). HSBC makes no representation or warranty (express or implied) of any nature with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this document. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. This document does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security, commodity or other investment product or investment agreement, or any other contract, agreement or structure whatsoever. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a HSBC Group member in your home jurisdiction if you wish to use HSBC Group services mentioned in this document.