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Global yuan activities grow 65%, expected to slow
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GLOBAL yuan activities grew by 65 percent year-on-year in June, withstanding China's falling exports. However, the currency's momentum is expected to abate in the second half due to China's economic slowdown, a private report showed.
The Standard Chartered Renminbi Globalization Index, a monthly gauge of global yuan activities, gained 4.8 percent from the previous month and 65 percent yearly to 1,050 in June, the British lender said in the report today.
The rise in foreign exchange turnover of offshore yuan has offset the mild reduction in cross-border payments in the Chinese currency through Hong Kong and Singapore on the back of falling Chinese exports in June.
Despite of the drop in the offshore yuan bond market, the index remains on track to reach at least 1,200 by the end of the year. However, the pace of increase in the second half is likely to ease from the first half, or at least until China emerges from its recent growth soft patch and the yuan resumes its appreciation trend, said the report.
It also said the new free trade zone initiative in Shanghai recently approved by the State Council will be positive for all offshore yuan centers.
The plan is likely to include experimentation with freer cross-border commodity and capital flows, as well as greater yuan convertibility by corporations operating in the zone.
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