Index shows slowing yuan globalization
Print Edition
THE internationalization of the yuan slowed late last year amid depreciation pressure as Standard Chartered’s yuan offshore index fell by a record 5.3 percent month on month in November.
The Renminbi Globalization Index was 2,230 as of November, up 5 percent from the beginning of the year but down 5.3 percent from October, a record monthly drop since Standard Chartered launched the index in November 2012, the bank said in a statement yesterday.
The bank expected the index to remain weak in December amid the lingering headwinds the index faced, including shrinking deposits, weak Dim Sum bond issues and disappointing cross-border payments.
The index tracks yuan business activities in seven offshore yuan markets to measure progress made in the globalization of the yuan.
Yuan trade settlement in November accounted for 21 percent of China’s total goods trade, down from 29.4 percent at the end of September.
The yuan yesterday rose against the US dollar to close at 6.5888.
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