Standard Chartered Renminbi Globalisation Index , the RGI, reached 1,148 in August, up 1.8% from the previous month and 61.8% year-on-year. The moderate growth was weighed by falling Renminbi-denominated payments, the first decline in 10 months, but was offset by strong deposit growth across Singapore, Hong Kong and Taiwan.

Despite slower growth of CNH activities in the past three months, the 4th Offshore Renminbi Corporate Survey showed market momentum is picking up again, and users are broadening their product usage. 92% of respondents are either using at least one of the six offshore Renminbi products - deposits, trade, FX, loans, bonds and portfolio investment, or may consider doing so over the next six months. This level is sharply higher than 76% from SCB’s first survey released in November 2012. The average number of CNH products currently used is 1.23 per respondent in the US, versus 2.26 in Europe and 2.52 in Hong Kong.

Findings showed 55% of eligible respondents increased their Renminbi deposits over the past six months. Those who are already holding Renminbi deposits appeared to be more sensitive to the interest they receive on Renminbi relative to other currencies, while potential users would like to see greater investment opportunities. Worries over FX volatility and sustainability of Renminbi appreciation are key factors hindering their use of Renminbi for deposits.

About 50% of respondents increased their usage of RMB loans in the past six months, and factors hindering corporate from borrowing more are high interest rates and Renminbi appreciation expectation, according to the survey.

Citi Peru Issues First Letter of Credit in Renminbi
Citi Peru has issued the first letter of credit (L/C) denominated in renminbi (RMB) in Latin America, the currency used in the Chinese market, more commonly known as the yuan (CNY).

The bank said that the issued enabled an important client in the retail sector to significantly improve conditions for its imports. 

Thomson Reuters to carry TPI’s Chinese bond data service
Tullett Prebon Information (TPI), leading provider of independent real-time price information from the global over-the-counter financial and commodity markets, has announced it will now be providing Thomson Reuters with Chinese bond data.

Tullett Prebon, one of the world’s largest inter-dealer brokers, will source the data from TP Sitico, a joint venture established between Tullett Prebon and Shanghai International Trust Co., Ltd, a member of the state-owned enterprise Shanghai International Group.

The service is comprehensive, providing real-time prices for several hundred instruments and enabling indicative end-of-day pricing for around 1900 bonds. It covers a substantial portion of the traded market, including Government Bonds, PBOC Bills, Corporate Commercial Paper and Medium Term Notes, Policy Bank Bonds and Notes, and Enterprise Bonds.

The recently launched service – the first of its kind for the international community – will give investors an edge when participating in the world’s fourth largest debt market. TPI’s dataset promises to inject transparency through the provision of accurate, independent and reliable pricing and price curves. In addition to the onshore bond data, TPI will also be providing Thomson Reuters with data for over 300 offshore CNH Dim Sum Bonds, sourced from Tullett Prebon’s brokerage operation in Hong Kong.