Standard Chartered has released a report examining renminbi internationalization among global corporates, surveying nearly 300 companies across 19 sectors. The study found a notable disconnect: while 23% of revenues and 25% of costs carry RMB exposure among surveyed companies, only 14% of corporate debt is denominated in the currency.
The report identifies significant infrastructure supporting RMB adoption, including the Cross-Border Interbank Payment System connecting over 1,500 institutions across 124 countries, approximately RMB 1 trillion in Hong Kong deposits, and dim sum bond issuances reaching RMB 850 billion. Companies could potentially achieve annual savings of up to 2% through RMB working capital financing.
RMB adoption is increasingly driven by operational needs rather than currency speculation, including trade settlement, supply chain financing, and balance sheet alignment. Regional patterns show Greater China and North Asia expanding beyond settlement into funding, while Southeast Asia focuses on supply chain applications.