Bank of China has launched the BOC Offshore Renminbi Index in Beijing to measure the currency’s level of involvement in global trade and investment.
The launch is part of the country’s central bank strategy to build up strength overseas to cash in on the yuan’s globalization.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The index will track offshore use of the yuan in terms of amount of deposits, loans and trading volume, China Daily has reported.
The index’s reading at the end of 2013 was 0.91%, compared with 0.5% and 0.32% at the end of 2012 and 2011 respectively.
Using the same methods of calculation, the reading for the US dollar, the euro and the British pounds were 48.17%, 25.2% and 5.91% respectively.
Bank of China president Chen Siqing told Chinese publication that, "The index illustrated the yuan’s rapid rise in global trade and investment, which is to continue over the next three to five years."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
