UBS Wealth Management is opening up its renminbi investment advisory services to the rest of Asia following the successful launch of the product in Hong Kong and Singapore in 2010. 

The advisory service will be rolled out to investors all over Asia, starting with Japan this month, the firm said in a statement. This provides UBS clients with access to currency appreciation opportunities through a comprehensive RMB denominated product range, including deposits, lendings, foreign exchange, structured products, bonds, and RMB-denominated funds. 

"Investor demand has shown no signs of decreasing and, in response, we are pleased to extend the offering of RMB investment products to Japan for the first time," said Scott Wehl, the head of private banking products APAC at UBS.

"Demand for RMB-denominated products stems from wealth management clients in both Asia and Europe. Our renminbi-denominated assets under management have increased by more than 40 times since the launch of comprehensive RMB product shelves in Hong Kong and Singapore," added Wehl. 

The rise of RMB products supports some industry opinions that the Chinese currency bears a large threat to the status of the US dollar as the world currency. As of 21 July 2011, the RMB hit a ratio of RMB6.4536 to the US dollar, indicating a 22 per cent rise from 2005 when then government launched exchange reforms. 

Over the past months, international banks have joined the RMB trend, including Barclays Wealth and Bank Sarasin. On the local front, Bank of East Asia, Ping An of China Asset Management, and CCB International have launched their own RMB-linked offerings. 

"The size and dynamism of China's economy will position the RMB to assume an increasingly important global role," noted Wehl.

An RMB Congress is set to happen in New York before the end of 2011 to explore opporunities in this sector.