Latest News:  


Index measuring use of yuan reaches new high

By Wang Xiaotian  (

09:16, May 08, 2013

An index measuring global use of the yuan reached a new high in March, mainly pushed by trade settlement and other international payments across London, Singapore and Hong Kong.

The Standard Chartered Renminbi Globalisation Index reached a new high of 892 in March, rising 6.2 percent month-on-month, the Standard Chartered Bank said in a press release on Tuesday.

It increased from a revised 839 in February, or 65.6 percent year-on-year.

"Stronger demand for Dim Sum bonds, larger yuan deposits in Hong Kong and higher daily offshore yuan foreign exchange turnover in Singapore and London were also seen during the month, thanks in part to a policy push across geographies," it said.

London is set to finalize its largest Renminbi swap arrangement with the People's Bank of China soon, while Singapore recently doubled its Renminbi swap line with PBOC to gear up for a bigger offshore yuan role in the Association of Southeast Asian Nations.

The Hong Kong monetary authorities' recent rule change should boost offshore yuan liquidity that will in turn support Dim Sum bonds, the bank said.

Standard Chartered launched the index in November. The index covers the top three markets in offshore yuan business including Hong Kong, London, and Singapore. It measures business growth in four key areas: deposits (denoting store of wealth), Dim Sum bonds and Certificate of Deposits (as vehicles for capital raising), trade settlement and other international payments (unit of international commerce) and foreign exchange (unit of exchange).

We Recommend:

Top 10 biggest Chinese companies 2013

Housewives' gold rush keeps price from falling

Models pose for Fuzhou Auto Fair

Antique auto show kicks off in New York

China's CAS to buy 60 Airbus planes

2013 Tianjin auto show kicks off

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. China's J-10 fighters in confrontation drill

  2. Scouts in field billeted training

  3. Photos of the week (April 29 - May 5)

  4. Heavy smog shrouds capital, again

  5. Beijing steps up fight against jaywalkers

  6. Invasive water plants clog S China river

  7. Hot dances of basketball babies

  8. Glamourous elderly ladies in Qipaos

  9. Nongfu Spring to sue over quality claims

  10. Power of housewives’ gold rush doubted

Most Popular


  1. US war on terror bent by strategy
  2. China's rating not jeopardized by slower growth
  3. Innovation: The engine for development
  4. Rising wages reach a milestone
  5. Japanese PM Abe unable to read situation
  6. North Korea testing limits of tolerance
  7. China's multifaceted financial diplomacy benefits all
  8. H7N9 won't affect China’s economy significantly
  9. Private retirement system to benefit China
  10. Not much stomach for mutton over fear of fake

What’s happening in China

Art of masked baby toys calls for clean air

  1. Residents have no faith in taxi pricing hearing
  2. Victims of Henan building collapse identified
  3. All displaced quake victims resettled
  4. Beijing announces plans to hike taxi fee
  5. Retrial for air steward 'smuggler'