Scaling up RMB Internationalization
Asset Benchmark Research
CCB International
Scaling up RMB Internationalization
Findings of the 2015 Global RMB Survey
I. Executive summary
II. About the survey
III. Keeping the momentum
a. Taking stock of RMB internationalization
b. Trade settlement
Use of cross-border RMB cash pool structures
c. Funding and investment
d. Outlook
Verbatim comments
IV. Different perspective, same issues
a. Beyond first steps
Country highlights
Gesex case study
I. Executive summary

Global acceptance of China’s currency, the renminbi (RMB), has grown significantly in recent years. Our 2015 Global RMB Survey – conducted on behalf of China Construction Bank (CCB) among nearly 140 corporations and financial institutions from China, the UK, Switzerland, and Chile – finds that a majority of Chinese and foreign corporates have gained initial experience in using the renminbi in cross-border trade settlement since March 2012, when a pilot scheme that allowed Chinese and overseas companies to settle international trade in renminbi was expanded nationwide. However, the results also highlight the challenges that threaten to slow the pace of the renminbi’s internationalization.

Chinese corporates are keen to reduce their exposure to volatile foreign exchange markets by having more of their suppliers and buyers invoice and pay in renminbi. Many international corporates are happy to oblige, if only to grow their network of Chinese counterparties. Both parties, though, face difficulties communicating their preferences to each other and are sceptical whether offshore renminbi centres have reached critical maturity.

The change of the renminbi’s fixing regime in August has also attracted attention in the market. Chinese and foreign financial institutions as well as ...