BEIJING, Dec. 9 -- Banking multinational Standard Chartered said Monday that the offshore Renminbi market is regaining momentum following a soft patch in late second quarter and early third quarter, as its Renminbi index rose 2.4 percent in October from the previous month.

Standard Chartered Renminbi Globalization Index (RGI) rose 2.4 percent in October to 1,220 from September, translating into 69.4 percent year-on-year growth, the London bank said in a statement.

RGI, a comprehensive index that measures the internationalization of the offshore Renminbi across markets, is the first industry benchmark that effectively tracks the progress of RMB business activity, according to the bank. It offers corporates and investors a quantifiable view of the latest trends, size and levels of offshore activity that are driving RMB adoption, the bank said.

The key driver behind RGI was a rise in offshore deposits in Hong Kong and Taiwan, fuelled by a resumption of Renminbi appreciation and a strong uptake in cross-border intercompany lending denominated in RMB.

"We believe such cross-border lending, which has enjoyed a strong start since its July launch, will remain a major driving force in creating offshore Renminbi deposits in the coming months and beyond," the statement said.

The bank also expected London to see further growth in cross-border payments denominated in the Chinese currency, thanks to the recently launched Renminbi-clearing.

As the only clearing center outside of Asia, London can provide domestic Renminbi clearance services to companies during Asian national holidays. London is among the fastest-growing Renminbi payments centers outside of Hong Kong, it said.

Payments through London have risen almost six times since January 2012, accounting for 30 percent of all Renminbi-denominated SWIFT payments to China's mainland and Hong Kong, according to the bank.

Standard Chartered launched the RGI in November 2012. RGI's base value is 100, set for Dec. 31 of 2010. The index covers the top four markets in offshore RMB business -- Hong Kong, London, Taiwan, 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).