• 2014 was another strong year for CNH market development, with the RGI rising 53%
• We outline our top 10 calls for 2015 for the Renminbi and its internationalisation
• Formosa bonds are set to receive more policy support; KRW-CNY direct trading ...
RGI rose 1.2% m/m in November; trade settlement is a key driver, as 22% of China’s trade settled in RMB
• By end-2015, we expect the RGI to reach 2,500 and Renminbi deposits in Hong Kong to reach CNY 1.05tn
• Dim Sum issuance this year should be ...
• Gains in the CNY’s trade-weighted value set to stall amid subdued growth and less favourable seasonals
• We revise upward our USD-CNY forecast profile while still projecting a mild CNY rebound in H2
• We lower our short-term FX weighting on the ...
CNY may weaken mildly near-term, despite the lack of a depreciating signal from the fix
• Tightness in both onshore and offshore liquidity likely to persist, keeping forward points elevated
• We close our short USD-CNH 6M DF position and look for ...
Northbound flows hit daily limit on the first day, draining 1.2% of Hong Kong’s total Renminbi deposits
• Technical factors support stronger northbound flows than southbound during the initial period
• Near-term impact is tighter liquidity; net de...
RGI now includes Seoul and Paris, reflecting their contribution to Renminbi deposits and payment flows
• Excluding the new centres, August was a slow month for the RGI amid lingering China macro concerns
• Paris is well placed to enjoy recent pol...
RGI growth remains slow; we expect better growth in Q4 on rebound in sentiment
• Cross-border Renminbi payments rose in July, although the Renminbi’s share of China trade dropped
• We revise down our forecast for Renminbi deposits in Hong Kong to ...
USD-CNY and USD-CNH spot has bounced off 6.14 and CNH forward points remain elevated
• Near-term CNY gains may be muted on mixed July data and broader USD gains
• Leveraged accounts should take profit on their short USD-CNH 6M DF positions...
• RGI m/m growth was the slowest in 20 months, reflecting lingering negative effects from prior months
• Survey shows little rebound in CNH activity; onshore companies are increasing usage
• Shanghai FTZ is off to a good start; many respondents ar...
USD-CNY fix retreated by 0.3% in just two days amid China-USD SED talks and June trade data
• USD-CNY NDF curve has extended steepening, with USD-CNH 6M NDF marginally higher than a week ago
• Leveraged accounts long USD-CNY 6M NDFs vs. short USD-...
If this is a public computer please consider checking this box carefully.
Please access our research via your Straight2Bank account
Digital technology is transforming the economy and society. Adoption, not invention, has the most economic impact. Technology can lift developed countries if they embrace change. New technologies offer more opportunities than challenges for emerging markets.
About Standard Chartered
Group investor relations
Group media centre
WB media centre
Copyright © 2015 Standard Chartered Bank