Normal Chartered’s Tommy Wu experiences that the financial institution’s revamped Renminbi Globalisation Index reveals increased world RMB utilization in February–April 2026 versus late 2025. The index, rebased to January 2015, rose to 224.8 in April from 212.1 in January, indicating utilization has greater than doubled over roughly a decade. Coverage assist and geopolitical components are key drivers, with Hong Kong central to RMB internationalisation efforts.
Index revamp highlights rising RMB utilization
“Now we have revamped the Normal Chartered Renminbi Globalisation Index (RGI), our proprietary measure of worldwide Renminbi (RMB) utilization, to raised seize the relative significance and representativeness of its index elements. We rebase the index to January 2015 (100); use a broader measure of cross-border funds; and alter the weighting methodology for the index elements.”
“The revised RGI mannequin reveals elevated RMB utilization in February-April in comparison with the earlier three months. The index picked as much as 224.8 in April from 212.1 in January, which additionally signifies that RMB utilization has greater than doubled versus a decade or so in the past.”
“The current RGI rise partly displays elevated world RMB utilization for settlements because of the Center East battle, and partly initiatives by mainland China and Hong Kong to advertise RMB internationalisation.”
“China’s current actions to curb unauthorised capital outflows are unlikely to have an effect on its RMB internationalisation ambitions, as outlined within the fifteenth 5-Yr Plan (FYP); moderately, we anticipate the mainland and Hong Kong authorities to extend the vary of RMB property for funding, and proceed to actively promote world RMB utilization.”
“Moreover, a rise in Dim Sum bond issuance and a broadening of the China and abroad issuer bases have supported offshore RMB bond market momentum.”
(This text was created with the assistance of an Synthetic Intelligence instrument and reviewed by an editor.)
