• 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...
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...
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....
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...
The RGI reached a landmark level in May; strong cross-border payment flows were a big contributor
• Our third CNH corporate survey confirms a mild RGI slowdown in store; underlying market drivers intact
• We also interviewed 120 Asian investors th...
• SAFE created a new mechanism to regulate bank NOPs by linking bank FX LDR ratios with the NOP floor
• The aggregate necessary increase in NOP is estimated at USD 23bn, a relatively small amount in our view
• Stricter scrutiny of trade invoices ...
• RGI rose to another new high of 892 in March, reflecting policy push across geographies
• Singapore gears up for a bigger CNH role in ASEAN; reassurance on liquidity is likely to follow
• The HKMA’s recent removal of regulatory impediments shou...
The appointment of an Renminbi-clearing bank in Singapore marks a key milestone for CNH
• Having clearing facilities in Singapore will facilitate regional CNH trade in Southeast Asia
• The arrangement will provide an additional boost to China-Sing...
We launch the Standard Chartered RGI, which tracks the Renminbi’s level of globalisation
• We also introduce our Offshore Renminbi Corporate Survey of local and global corporates
• As the CNY heads towards global reserve currency status, its broad...
• Use of the Renminbi as a trade settlement currency is on the rise around the world. In July-August, 12.3% of China’s trade was settled in CNY, up from 10.7% in the first half of the year. This is being driven by real corporate need rather than arb...
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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.
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