A bank staff member checks RMB banknotes at a bank in Lianyungang, east China's Jiangsu Province, Jan. 7, 2016. (Xinhua/Si Wei)
BEIJING, Sept. 7 (Xinhua) -- From May to July, the Standard Chartered Renminbi Globalization Index (RGI), rose for three consecutive months and hit a record high in July, indicating a full-scale gearing up of China's renminbi(RMB) globalization, announced the Standard Chartered Bank (SCB) on Monday.
In the past few months, the internationalization of the RMB has paced up, with all four components making positive contributions to the RGI during the May- July period, except a detraction in cross-border Renminbi payments in May, the London-based bank said in the latest RGI report.
RGI, a comprehensive index that measures the internationalization of the offshore RMB across markets, is the first industry benchmark that effectively tracks the progress of RMB business activity, according to the bank.
It offers corporates and investors a quantifiable view of the latest trends, size and levels of offshore activity that are driving RMB adoption.
The latest RGI report shows that northbound capital flows remained strong. By the end of June, foreign holdings of China's onshore capital reached 10.3 trillion yuan (about 1.60 trillion U.S. dollars), up 43 percent compared with that at the end of May, indicating that foreign investors' sentiment is bullish on China's capital market.
Meanwhile, the cross-border RMB payments continued its uptrend. According to the RGI report, The monthly growth of RGI was 2.0 percent and 2.2 percent in June and July, respectively, in which the contribution made by cross-border RMB payments stood at 0.5 percentage point and 1.0 percentage point, respectively.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
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