The index remained relatively flat at 732 in October.
In a release, Standard Chartered announced the first update of the Standard Chartered Renminbi Globalisation Index (RGI), where the index remained relatively flat at 732 in October versus 735 in September.
The pause in a general uptrend was partly due to the slowdown in CNY-denominated trade settlement, which had been a major contributor to the increase in the index in recent months. Other parameters, including offshore CNY deposits and bond issuance also eased slightly.
Among different markets, London recorded solid performance in October, supported by CNY trade payments through the UK offshore center while such payments through Hong Kong and Singapore were flat.
Standard Chartered launched Standard Chartered Renminbi Globalisation Index in November. The Index covers three markets which dominate the 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).
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