Standard Chartered Renminbi Globalisation Index Adds New York as Fifth RGI Centre


In recognition of its rising RMB payment flows, CNH FX turnover

Hong Kong – Standard Chartered announced that the Standard Chartered Renminbi Globalisation Index (Bloomberg: SCGRRGI ), or the RGI, rose to 1,475 in January, up 8.5% from the previous month driven by the inclusion of New York as our fifth RGI centre, strong deposit growth in Hong Kong and Taiwan, coupled with resilient performance in Dim Sum bonds despite heightened FX volatility.

New York is included as one of the RGI centres as a result of its rising Renminbi payment flows and CNH FX turnover. It enjoys time-zone advantage, massive trade with China, and rising investor interest in the Renminbi. Our recent trip to the US confirms that there is growing acceptance of the currency. Weighted average Renminbi-denominated cross border SWIFT payments through the US in January grew 422%, fastest on record. New York is key to serving corporates in the Americas that do not deal directly with, or run their regional or global treasury centres, out of Asia or Europe. The first-mover advantage in tapping the impending rise of commodity-centric Renminbi flows between China and Latin America is certainly New York’s to lose.

Other offshore centres continue to fare well in various fronts. London continues to be a clear outperformer in terms of cross-border Renminbi flows, now accounting for over 30% of all Renminbi-denominated SWIFT payments with China and Hong Kong. London is seeking the appointment of a clearing bank of its own.  The appointment should help London capture regional Renminbi flows and boost its deposit level, similar to the experiences of Hong Kong, Singapore and Taiwan.

Total Renminbi deposit in Taiwan grew significantly, and now accounts for 31% of foreign currency deposit, up from a mere 6% in February 2013. This shows strong interest among local residents in Taiwan to accumulate Renminbi assets and with potential to grow further on the back of potential FX gains and relatively higher interest rate yields on CNY. As such, we lifted our end-2014 Renminbi deposit forecast for Taiwan to CNY300 billion from the original projection of CNY250 billion.

Standard Chartered launched the RGI in November 2012. Prior to adding New York, the Index covered four markets in offshore RMB business: Hong Kong, London, Singapore and Taiwan. 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). As the Renminbi further internationalises, there is capacity to include additional parameters and markets.

Standard Chartered Renminbi Globalisation Index


The first industry benchmark that effectively tracks the progress of RMB business activity.  Offers corporates and investors a quantifiable view of the latest trends, size and levels of offshore activity that are driving RMB adoption

Index Parameters


Dim Sum Bonds and Certificate of Deposits

Trade Settlement & Other International Payments

Foreign Exchange Turnover


Hong Kong




New York





Base value and date

100 at 31 December 2010

Inception Date

14 November 2012


Weight of each of the four parameters are inversely proportional to their respective variances

Most recent episodes

Future Monetary Policy Path Sets Markets Against Central Banks

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management.


Podcast - Journeys to Treasury Deep-Dive: Cash Flow Hedge Accounting at JT Group

Listen to this audible case study, which provides a lens over the details of a recent cash flow hedge accounting project undertaking by the JT Group treasury team.


Podcast - Innovation as an Enabler: Sustaining Global Trade Finance in Uncertain Times

J.P. Morgan's Bayo Osolake, who joins Eleanor Hill (TMI) to discuss how treasurers can facilitate global trade in the currently turbulent macroeconomic environment.


Relative Normality On Horizon — But Divergent Monetary Policy Pathways Likely

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management.


Audio TMI - MMF Reform Proposals Threaten LVNAV Viability for European Treasurers

Proposed MMF changes currently being debated at European Commission level endanger the utility of one of the most popular forms of MMF used by corporate investors across the continent.

Audio TMI - Special FX

Two experts from NatWest share the inside track on how treasurers can better manage FX risks by shaking up legacy processes and old-fashioned thinking, improving data coll...


Audio TMI - Roadmap Towards a First-Class Group Treasury

As the perennial debate continues around the pros and cons of a centralised tre...


Audio TMI - How Etihad Covered all Three ESG Elements in One Sustainability-Linked Financing

Etihad Airways recently raised US$1.2bn in the first sustainability-linked loan in global aviation with terms that relate to all three areas of ESG.


Reducing Friction in International Payments: Five Steps for Treasury Teams

What are the steps that treasury teams can take to remove roadblocks in processing international payments? Daniela Eder, Gibran Maqsood, and Karsten Becker (Barclays) to answer this question.


Keeping the Plates Spinning: the Art of Treasury Project Management

Sandra Shen (Actualize Consulting) joins TMI's Tom Alford to offer professional insight into what defines successful treasury project management.