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Standard Chartered Launches RMB Index

Standard Chartered last week launched the Standard Chartered Renminbi Globalisation Index (RGI), a benchmark dedicated to tracking the progress of renminbi-based business activity globally. The index will be released on a monthly basis, offering corporates and investors a view of the latest trends, size and levels of offshore activity, which Standard Chartered says are driving the potential adoption of the RMB as an international reserve currency. The new index covers the three dominant markets in the offshore renminbi business – Hong Kong, London and Singapore – and measures business growth in four parameters: foreign exchange, certificate of deposits, so called ‘Dim Sum’ bonds and deposits. The index works by sourcing data from several industry and official sources and leading providers of market data, the bank says. “As RMB internationalises, there is capacity to include additional parameters and markets, aligning the index with future development,” it adds. The RGI s...

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