Taiwan has remained the fourth largest hub for financial transactions in the Chinese currency in April.
According to an index released by Standard Charted Bank, Hong Kong remained the largest offshore Chinese renminbi market, accounting for 65.7% of the index, followed by London’s 14.5%, Singapore’s 9.2%, Taipei’s 5.4%, and New York’s 5.2%.
Standard Charted said four of the five renminbi offshore centers covered in the index – Hong Kong, London, Singapore, and Taipei – recorded a month-on-month drop in cross-border renminbi payments.
However, New York, the new offshore renminbi hub that Standard Chartered added to its index in March, recorded a 13% month-on-month increase in cross-border renminbi payments. The bank said this means New York has plenty of catch-up potential.
Standard Chartered launched its renminbi index in November 2012 to measure renminbi business growth in four key areas: deposits, capital-raising tools, international commerce, and foreign exchange.