The Standard Chartered Renminbi Globalisation Index (RGI) has recorded a new high of 925 in April, up 3.7% from 892 in March.

The expanding pool of Dim Sum bonds and certificate of deposits (CDs) was the biggest driver of the RGI’s increase for the month, says StanChart. “While slowing issuance momentum in May will likely weigh on our next RGI update, we expect bond issuance to rebound in June and July on the offshore bond issuance by the Chinese government, among other positive factors.”

Also during the month, London’s market share overtook Singapore’s for the first time since December 2011. StanChart says that London has maintained its recent lead over Singapore in cross-border payments, and that its CNH FX turnover has also been increasing at a faster pace recently, which the bank says reflects the city’s ability to, “capture Europe’s rising demand for the renminbi.” StanChart adds, however, that the recent launch of renminbi clearing services is set to boost Singapore’s competitiveness.