Standard Chartered RMB Globalisation Index hits slowest in seven months

The slowdown is expected to be transient.

Standard Chartered has announced that its Renminbi Globalisation Index, or the RGI, reached 1,882 in May, up 3.7 percent from the previous month and 84.4 percent year-on-year.

According to a release from Standard Chartered, the index remains on an uptrend, but at a slower pace as deposits and Dim Sum issuance face summer lull.

The release also said that the RGI's growth rate was slowest in seven months, but that it expects the slowdown to be transient.

Here's more from Standard Chartered:

Our recent trip to Europe, across 10 European cities in 7 countries, confirmed strong corporate demand for Renminbi liquidity management solutions, which are now all in place--inbound or outbound, Renminbi or foreign currency.

Latest SWIFT numbers confirm strong cross-border Renminbi payments with European centres.

Also, Renminbi payments through the US more than doubled in the last four months, outperforming rest of the offshore centres.