CNH: Stable global usage outlook – Standard Chartered

Standard Chartered economists Tommy Wu and Hunter Chan note that the Offshore Renminbi (CNH) has shown a stable performance, with the Renminbi Globalisation Index largely flat between November and January after gains in August-October. They highlight renewed appetite for Renminbi assets, relatively stable currency performance, and policy support under the 15th Five-Year Plan as drivers of a steady uptrend in global Renminbi usage.

RGI steadies with supportive policy backdrop

"The Standard Chartered Renminbi Globalisation Index (RGI), our proprietary measure of international Renminbi usage, was largely stable between November and January."

"Overall, the index has stabilised since mid-2025, after undergoing some fluctuations amid US-China tariff uncertainty."

"The ensuing trade negotiations and eventual trade truce reached in November helped stabilise market sentiment and improved confidence in the Renminbi."

"A steady rise in Dim Sum bond issuance and increased Renminbi usage for trade settlement also contributed to the RGI’s stable performance."

"We expect the RGI to register a steady uptrend this year given the widening range of Renminbi assets available and ongoing efforts by mainland China and Hong Kong authorities under the 15th Five-Year Plan (FYP) to promote the Renminbi’s global usage."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)