Standard Chartered’s Renminbi Globalisation Index (RGI) reached a record high of 925 in April, up 3.7% from March.
The expanding pool of Dim Sum bonds and certificate of deposits (CDs) was the biggest contributor to the increase of the RGI. While slowing issuance momentum in May will likely weigh on our next RGI update, we expect bond issuance to rebound in June and July on the offshore bond issuance by the Chinese government, among other positive factors.
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London’s market share in the RGI surpassed Singapore’s for the first time since December 2011. London has maintained its recent lead over Singapore in terms of cross-border payments, and its CNH FX turnover has also been growing at a faster pace of late, reflecting London’s ability to capture Europe’s rising demand for the Renminbi. However, the recent launch of Renminbi clearing services is set to boost Singapore’s competitiveness.
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).
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