Standard Chartered has launched an index to capture the renminbi’s growing internationalisation.
The British bank says that the renminbi is heading towards global reserve currency status, making it worthwhile to monitor the broader use of the currency hence the introduction of its renminbi globalisation index.
The index tracks four products in Hong Kong, London and Singapore offshore renminbi deposits, trade settlement and other international payments, dim sum bonds and certificates of deposit, and foreign exchange turnover.
Each product is weighted in inverse proportion to its variance and the index is calculated on a monthly basis.
The index dates back to December...
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