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Yuan globalization index hits new high in Nov
By Hu Xiaocen |
January 21, 2013, Monday
|
Online Edition
Online Edition
THE use of Chinese yuan increased this past November and will continue to grow on the back of recovering confidence in China's economy and yuan's appreciation, a private survey showed today.
The Renminbi Globalization Index, which tracks the progress of yuan-based business activity worldwide, rose to a new high of 737 in November from 731 in October, Standard Chartered Bank said today in the report.
The growth of offshore yuan-denominated bonds, offshore yuan deposits and trade settlement were the main drivers to the rising index, said the bank.
Apart from the three major offshore yuan markets of Hong Kong, Singapore and London, Taiwan may be included in the survey this year due to the region's pent-up demand for retail yuan services, according to the bank.
The Renminbi Globalization Index, which tracks the progress of yuan-based business activity worldwide, rose to a new high of 737 in November from 731 in October, Standard Chartered Bank said today in the report.
The growth of offshore yuan-denominated bonds, offshore yuan deposits and trade settlement were the main drivers to the rising index, said the bank.
Apart from the three major offshore yuan markets of Hong Kong, Singapore and London, Taiwan may be included in the survey this year due to the region's pent-up demand for retail yuan services, according to the bank.
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