Growth in yuan deposits helps globalization move
Print Edition
THE growth of yuan deposits in offshore markets has boosted the internationalization activities of the Chinese currency to a record high in March, a private report showed.
The Standard Chartered Renminbi Globalization Index climbed to a new high of 1,736 in March, an annual surge of 91 percent and up 9.4 percent month on month from 1,587 in February. These growth rates are the fastest since July 2012 and September 2011, respectively, the UK-based bank said in a report yesterday.
“The latest readings confirm our prior observation that the offshore yuan market has lost little momentum, despite increased Chinese yuan volatility before and after the band widening,” said Kelvin Lau, senior economist of Standard Chartered Bank for Asia.
“The recent depreciation had little impact on demand for offshore yuan deposits. Investors became more prudent in buying high-yield yuan bonds while demand for high-grade bonds remains robust,” Lau told Shanghai Daily.
Deposits in Hong Kong and Taiwan rose to record highs of 945 billion yuan (US$152 billion) and 268 billion yuan respectively in March.
The portion of respondents who are using at least one yuan product or may use in the next six months rose to 94 percent in the first quarter from 79 percent a year earlier.
The six offshore yuan products were deposits, trade, foreign exchange, loans, bonds and portfolio investment.
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