Recent examples of the RMB's progress includes:

• May 27: Industrial and Commercial Bank of China (ICBC) began offering yuan clearing services in Singapore after having been designated clearinghouse in the city earlier in the year. On the same day, both HSBC and Standard Chartered priced their first offshore renminbi bonds in Singapore, raising a combined 1.5 billion renminbi. HSBC raised 500 million renminbi, priced at par at 2.25% and due 2015. Standard Chartered raised one billion renminbi with a three-year note priced at 2.625%.
• June 7: Singapore lender DBS issued its inaugural offshore renminbi bond on with re-offer price at 99.76% and 2.5% fixed coupon pa. The issue size of the three-year note was 500 million renminbi. (Singapore has yet to witness its first corporate issuing an offshore renminbi bond in the city.)
• 10 June: The Standard Chartered Renminbi Globalisation Index (RGI) rose to another record high of 925 in April, rising 62.9% y/y and 3.7% from the March reading of 892. Of the four main RGI parameters, the expanding pool of Dim Sum bonds and certificates of deposit (CDs) was the biggest contributor.