Global corporates accelerating RMB adoption with significant opportunities for corporate treasuries

• Survey of 300 corporates reveals 23 per cent of revenues and 25 per cent of costs carry RMB exposure.
• Only 14 per cent of corporate debt is denominated in RMB, revealing a persistent gap between operating exposure and financing strategy.
• Up to 2 per cent annual savings can be achieved by switching to working capital financing in RMB

Hong Kong, Singapore – Standard Chartered today published Renminbi in Motion for Corporates, its flagship report on RMB internationalisation, which finds that while global corporates already carry significant renminbi exposure through trade and supply chains, corporate financing and treasury frameworks have yet to fully reflect this shift.

Based on a survey of nearly 300 global corporates across 19 sectors, the report highlights that deepening trade flows, supply chains and capital markets across Asia are setting the stage for broader RMB adoption by companies.

RMB internationalisation is entering a more structural phase, with the renminbi increasingly integrated alongside other major currencies within multi-currency treasury frameworks.

China accounts for more than 15 per cent of global trade and is the largest trading partner for over 120 economies. Yet, the renminbi accounts for only 3.1 per cent of global payments and 1.9 per cent of global foreign exchange reserves.

Among the corporates surveyed, 23 per cent of revenues and 25 per cent of costs carry RMB exposure, while only 14 per cent of debt is denominated in the currency — highlighting a persistent gap between operating exposure and financing currency.

Karen Ng, Head of China Opening and RMB Internationalisation at Standard Chartered, said: “Many corporates already have meaningful RMB exposure through trade, procurement and supply chains. As market infrastructure deepens and liquidity expands, adoption is increasingly being driven by operational needs — including trade settlement and balance sheet alignment.”

The report finds that RMB adoption is increasingly driven by corporate operating needs rather than currency positioning. Key drivers include trade settlement, supply chain financing, balance sheet alignment and managing foreign exchange and interest rate exposure.

Supporting market infrastructure has expanded significantly. The Cross-Border Interbank Payment System now connects more than 1,500 financial institutions across 124 countries, with transaction volumes growing approximately 43 per cent year-on-year.

Offshore RMB liquidity has also deepened. Hong Kong RMB deposits now stand at around RMB1 trillion, dim sum bond (offshore RMB-denominated bond) issuances have risen to RMB850 billion, and panda bond issuances total RMB195 billion onshore. Narrowing onshore-offshore spreads are further supporting the RMB’s role as a funding and balance sheet currency.

Beyond trade settlement, RMB integration can strengthen corporate treasury management by enhancing payments resilience, diversifying funding, aligning balance sheets with cash flows, and improving liquidity in China-linked working capital — potentially delivering annual savings of up to 2 per cent.

Adoption patterns vary across regions. In Greater China and North Asia, corporates are expanding RMB usage beyond settlement to include funding and liquidity management. In Southeast Asia, adoption is largely supply chain-driven, while in the Middle East and parts of Africa, usage is concentrated in energy and infrastructure trade corridors. In Europe and the Americas, capital markets issuances and selective funding diversification are emerging as notable entry points.

The full report, Renminbi in Motion for Corporates, is available here.

For further information please contact:

Alvina Neo
Standard Chartered