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  • Offshore Renminbi – Big Apple, bigger Renminbi - Updated Fri March 7, 2014

    • We add New York to our RGI, reflecting rising Renminbi payment flows and CNH FX turnover • New York enjoys time-zone advantage, massive trade with China, and rising investor interest in the RMB • We summarise the latest Renminbi developments in...

  • Offshore RMB – Survey says momentum to continue - Updated Tue January 7, 2014

    • The RGI rose 6.1% m/m in November, mainly driven by strong deposit and cross-border payment growth • Survey shows strong growth potential for CNH usage by mainland corporates across trade, FX and loans • Corporates need to become more proactive ...

  • 13-Dec – Top rates trades for 2014 - Updated Thu December 12, 2013

    Top 3 data/events • China – CNH drops to a discount to CNY onshore • Japan – Q4 Tankan survey to show large manufacturers are upbeat • Philippines – Remittance growth likely slowed on base effects • Market focus • Our total-returns analysis ...

  • Offshore Renminbi – All-round support for the RGI - Updated Mon December 9, 2013

    Rising offshore deposits fuel RGI growth; Renminbisation in Hong Kong is happening but is not a threat • UK’s launch of Renminbi clearing cements its position as leading offshore Renminbi centre in the West • We expect the Renminbi to be a G4 curr...

  • Offshore Renminbi – RGI to get a further policy boost - Updated Thu November 7, 2013

    RGI re-accelerated in September, up 3.0% m/m to 1,183, thanks to another strong deposit performance • Policy breakthrough should provide impetus for faster growth in European market after a strong Q3 • Mainland issuers, led by the Ministry of Fina...

  • The Renminbi’s 2020 odyssey - Updated Mon November 4, 2013

    In this issue of The Renminbi Insider, we look ahead to 2020 and explain the currency’s likely odyssey across the trade, FX and the rates space. We expect 28% of China’s international trade to be denominated in Renminbi by 2020, some USD 3tn a year....

  • Offshore Renminbi – Survey says RGI to reaccelerate - Updated Mon October 7, 2013

    RGI’s rise moderated in August to 1.8% m/m; strong deposit growth across centres is a bright spot • Survey suggests that CNH growth is picking up again, although Dim Sum issuers remain cautious • We added new survey questions to understand which f...

  • Offshore Renminbi – Taiwan joins the RGI - Updated Mon September 9, 2013

    We add Taiwan to our RGI, in recognition of its rapid emergence as a key offshore Renminbi centre • Taiwan has plenty of room to grow, building on its early success in Renminbi deposit accumulation • Our RGI hit 1,112 in July, up 65% y/y, reflect...

  • 08-Aug – Fade the yen rally - Updated Wed August 7, 2013

    Top 3 data/events • China – Weak demand likely weighed on growth • Australia – RBA likely to lower growth forecasts in quarterly statement • CNH – Our RGI continues to climb, despite a challenging backdrop • Market focus • Government’s fiscal ...

  • 15-Jul – Remain negative on EM bonds - Updated Sun July 14, 2013

    Top 3 data/events • Australia – July minutes might provide insights into further moves • CNH – CNH discount at end-2013, premium to re-emerge in H2-2014 • US – Consumer spending likely resisted fiscal headwinds • Market focus • Directional si...

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Global Focus - The world in transition

The world economy is in transition. Global growth rates are picking up, but transition means elevated risks and volatility. In terms of global implications, all eyes will be on the US and China, with the US normalising monetary policy and China rebalancing its economy.