Standard Chartered RMB Index

Hello, I want to know the details of the Renminbi services offered by the Standard Chartered Bank.

[Shaleen]

Hello, here I am providing you the details of the Renminbi service offered by the Standard Chartered Bank as under:

About the Renminbi
As China’s economic rise continues, so too does its desire to have an internationally recognised and utilised currency. Full convertibility is a way off, but on the basis of anticipated reforms, it's widely believed that the renminbi will become a competitive reserve currency within the next decade.

China is the world's second largest economy
China represents massive opportunity for international businesses, accounting for 10% of the world’s nominal GDP, according to International Monetary Foundation and Standard Chartered Global Research estimates, this will increase to 24% by 2030.

The renminbi is increasingly being adopted as a global trade-settlement currency
In the second half of 2012, 13.3% of China’s trade was settled in renminbi, up from 10.7% in the first half of the same year.

Liberalising the Chinese market
On the investment front, the Chinese market was liberalising, too. In October 2011, all domestic mainland corporates were allowed to participate in the Dim Sum Bond market; and by December, channels were broadened to allow for the repatriation of offshore renminbi funds to China for foreign direct investment purposes.

Switching to the renminbi could create business opportunities
For corporates doing business with China, switching to the renminbi can give exposure to new Chinese customers and/or suppliers who currently find it difficult to trade using foreign currencies.
Paying and receiving in renminbi can also help reduce operating costs; the working capital benefit alone can realise estimated savings of up to 3%.

Finding the right banking partner is essential to make the most of the renminbi
1 Customs Statistics from “General Administration of Customs of the People’s Republic of China”
2 Standard Chartered Global Renminbi Index, November 2012
3 SWIFT RMB Internationalisation Business Insights report
4 FI Metrix Survey 2012