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Trends boost yuan globalization
By Hu Xiaocen |
16:53 UTC+8 April 9, 2013
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Online Edition
Online Edition
RISING yuan deposits in Hong Kong boosted the globalization of the Chinese currency last month, while a greater demand for yuan-denominated bonds will propel the process in the future, a private report has shown.
The Renminbi Globalization Index, which tracks the progress of yuan-based business activity worldwide, rose to a new high of 841 in February, up 4 percent from 809 in January.
This translates to 64.5 percent year on year growth, the fastest pace since August last year, Standard Chartered Bank said today in the report.
"The lead contributor was the surge in yuan deposits in Hong Kong, which was primarily driven by net outflows from Chinese mainland via trade settlement and the return of yuan appreciation expectations," the lender said in the report.
"Demand for dim sum bonds appears to increase as a wider range of investors get on board, which will drive the index higher in the future."
Taiwan is now the fourth biggest offshore yuan center for international payments after Hong Kong, Singapore and London, due to rapid increase in the use of yuan for cross-border trade on the island, said the lender.
It cited data from Taiwan's monetary authority and Society for Worldwide Interbank Financial Telecommunication (SWIFT) payments.
The Renminbi Globalization Index, which tracks the progress of yuan-based business activity worldwide, rose to a new high of 841 in February, up 4 percent from 809 in January.
This translates to 64.5 percent year on year growth, the fastest pace since August last year, Standard Chartered Bank said today in the report.
"The lead contributor was the surge in yuan deposits in Hong Kong, which was primarily driven by net outflows from Chinese mainland via trade settlement and the return of yuan appreciation expectations," the lender said in the report.
"Demand for dim sum bonds appears to increase as a wider range of investors get on board, which will drive the index higher in the future."
Taiwan is now the fourth biggest offshore yuan center for international payments after Hong Kong, Singapore and London, due to rapid increase in the use of yuan for cross-border trade on the island, said the lender.
It cited data from Taiwan's monetary authority and Society for Worldwide Interbank Financial Telecommunication (SWIFT) payments.
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