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Global yuan usage rises 2.8%
By Hu Xiaocen |
February 7, 2013, Thursday
|
Online Edition
Online Edition
YUAN usage worldwide surged to a record high in December partly due to increased deposits of the currency in Hong Kong, a report showed.
The monthly indicator that tracks yuan globalization, compiled by Standard Chartered Bank, jumped 2.8 percent to 748 in December from November's 728.
The index surged 50 percent last year despite a sluggish global economy, fragile market sentiment and the absence of yuan appreciation expectations, the London-based bank said in a report released today.
The offshore yuan market in London contracted in December, however the lender said it remained optimistic about customer deposits outlook in the city.
The ratio of yuan deposits in Hong Kong, Singapore and London was 81:11:8 in December, compared to 78:11:11 in November. Banks in Taiwan started yuan business yesterday and the index will be changed to reflect this, the report said.
The monthly indicator that tracks yuan globalization, compiled by Standard Chartered Bank, jumped 2.8 percent to 748 in December from November's 728.
The index surged 50 percent last year despite a sluggish global economy, fragile market sentiment and the absence of yuan appreciation expectations, the London-based bank said in a report released today.
The offshore yuan market in London contracted in December, however the lender said it remained optimistic about customer deposits outlook in the city.
The ratio of yuan deposits in Hong Kong, Singapore and London was 81:11:8 in December, compared to 78:11:11 in November. Banks in Taiwan started yuan business yesterday and the index will be changed to reflect this, the report said.
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