Standard Chartered’s revamped Renminbi Globalisation Index (RGI) indicates a significant increase in global usage of the Chinese Yuan (RMB) between February and April 2026 compared to late 2025, according to Tommy Wu of Standard Chartered. The RGI, which has been rebased to January 2015 (set at 100), rose to 224.8 in April from 212.1 in January, demonstrating that RMB usage has more than doubled over the past decade [1].
The rise in the RGI is attributed to both policy support and geopolitical factors, with Hong Kong playing a central role in the internationalisation of the RMB. The recent increase in RMB usage for settlements is partly linked to the Middle East conflict and also to initiatives by mainland China and Hong Kong aimed at promoting RMB internationalisation [1].
Standard Chartered notes that China’s recent measures to curb unauthorised capital outflows are not expected to hinder its RMB internationalisation ambitions, as outlined in the 15th Five-Year Plan. Instead, the bank anticipates that authorities in mainland China and Hong Kong will expand the range of RMB assets available for investment and continue to actively promote global RMB usage [1].
Additionally, the offshore RMB bond market has gained momentum, supported by increased Dim Sum bond issuance and a broader base of both China and overseas issuers [1].
CONCLUSION
Standard Chartered’s data highlights a robust upward trend in global RMB usage, driven by policy initiatives and geopolitical developments. The bank expects continued efforts by Chinese and Hong Kong authorities to promote RMB internationalisation and expand investment options, supporting further growth in offshore RMB markets.