• 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 ...
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 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...
• Top 3 data/events
• Europe – New clearing banks set to boost RMB internationalisation
• Taiwan – May IP, job data likely shows a recovery in growth momentum
• Singapore – May inflation likely supported by private transport costs
• Market focu...
• Top 3 data/events
• Malaysia – Inflation may remain high on supply-side factors
• Taiwan – Recovery in global demand likely supported orders data
• Euro area – Consumer confidence should keep improving
• Market focus
• QE was tapered a furt...
• Taiwan clients are most concerned with CNY volatility; close to 90% expect CNY appreciation in 2014
• 90% of clients plan to increase Renminbi asset allocation in next three months, 10% to decrease
• Regulators are actively promoting the Formo...
• 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...
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