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Standard Chartered Renminbi Globalisation Index up 2.8% in December on Hong Kong CNH Deposit Growth

7 Feb 2013

Standard Chartered today announced the Standard Chartered Renminbi Globalisation Index (Bloomberg: SCGRRGI <index>), or the RGI, posted another new high of 748 in December, up 2.8% from November’s 728 , in part due to a significant rebound in CNH deposits in Hong Kong.

For 2012, the RGI rose 50% despite waning global demand, fragile market sentiment, and the absence of Renminbi appreciation expectations. The index is expected to rise at least another 50% in 2013, on prospects of recovering confidence in China’s economy, CNY appreciation and growing invoicing in Renminbi.

The ratio of the relative sizes of the Hong Kong, Singapore and London offshore Renminbi markets is now 81:11:8. We remain optimistic about London’s Renminbi customer deposit outlook, thanks to its continued strong CNH usage for FX and trade. Singapore saw in December a rebound in Renminbi-denominated cross-border payments and higher CNH FX turnover. The rollout of Taiwan’s Renminbi business among its Domestic Banking units on 6 February could accelerate Taipei’s admission to the RGI. 

Standard Chartered launched the RGI in November 2012. The Index covers the top three markets in offshore RMB business: 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). 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





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


For further information, please contact:

Joyce Li
Corporate Affairs, Hong Kong
Tel: +852 2820 3841

Karen Ng
Standard Chartered Bank (Hong Kong) Limited
Tel: +852 2820 3263


Standard Chartered

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Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

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