Renminbi Globalisation Index rose 6.2% in March

Standard Chartered today announced that the Standard Chartered Renminbi Globalisation Index (Bloomberg: SCGRRGI <index>), or the RGI, reached a new high of 892 in March, up 6.2% from a revised 839 in February, or 65.6% year on year.

The main push behind the index’s rise in March was trade settlement and other international payments across London, Singapore and Hong Kong. Stronger demand for Dim Sum bonds, larger CNH deposits in Hong Kong and higher daily CNH FX turnover in Singapore and London were also seen during the month, thanks in part to policy push across geographies.

London is set to finalise its largest Renminbi swap arrangement with the PBoC soon, while Singapore recently doubled its Renminbi swap line with PBoC to gear up for a bigger CNH role in ASEAN. The HKMA’s recent rule change should boost CNH liquidity that will in turn support Dim Sum bonds. 

Standard Chartered launched the RGI in November 2012. The Index covers the top three markets in offshore RMB business: Hong Kong, London, and Singapore. It measures business growth in four key areas: deposits (denoting store of wealth), Dim Sum bonds and Certificate of Deposits (as vehicles for capital raising), trade settlement and other international payments (unit of international commerce) and foreign exchange (unit of exchange). As the Renminbi further internationalises, there is capacity to include additional parameters and markets.

Standard Chartered Renminbi Globalisation Index

For further information, please contact:

Gabriel Kwan
Head, Corporate and Business Communications
Tel: +852 2820 3036
Email: Gabriel.Kwan@sc.com

Karen Ng
Assistant Manager
Tel: +852 2820 3263
Email: Karen.YH.Ng@sc.com