Hong Kong, Singapore, March 11, 2026 — Global corporates are increasing their exposure to the renminbi (RMB) across trade and supply chains, though financing and treasury strategies have yet to fully align with this shift, according to a report by Standard Chartered.
The bank’s survey of nearly 300 corporates across 19 sectors shows that 23% of revenues and 25% of costs are linked to RMB exposure. However, only 14% of corporate debt is denominated in the currency, highlighting a gap between operational exposure and financing structures.
The findings come as RMB internationalisation enters what the report describes as a more structural phase, with the currency increasingly integrated into multi-currency treasury frameworks alongside major global currencies.
China accounts for more than 15% of global trade and is the largest trading partner for over 120 economies. Despite this, the RMB represents just 3.1% of global payments and 1.9% of global foreign exchange reserves.
Karen Ng, Head of China Opening and RMB Internationalisation at Standard Chartered, said corporates are already seeing meaningful RMB exposure through trade, procurement and supply chains, with adoption increasingly driven by operational requirements such as trade settlement and balance sheet alignment.
The report highlights several factors supporting broader RMB usage, including the expansion of market infrastructure. The Cross-Border Interbank Payment System now connects over 1,500 financial institutions across 124 countries, with transaction volumes rising approximately 43% year-on-year.
Offshore RMB liquidity has also strengthened. Hong Kong’s RMB deposits stand at around RMB1 trillion, while dim sum bond issuances have reached RMB850 billion and panda bond issuances total RMB195 billion onshore. Narrowing spreads between onshore and offshore markets are further supporting the currency’s role in funding and treasury management.
Beyond trade settlement, the report suggests that integrating RMB into treasury frameworks can improve payments resilience, diversify funding sources, and align balance sheets with cash flows. Companies may also achieve annual savings of up to 2% by shifting to RMB-based working capital financing.
Adoption patterns vary by region. In Greater China and North Asia, corporates are extending RMB use into funding and liquidity management. In Southeast Asia, adoption remains largely supply chain-driven, while in the Middle East and parts of Africa, usage is concentrated in energy and infrastructure trade. In Europe and the Americas, corporates are exploring capital markets and selective funding diversification.
The Banking Outlook Insight:
RMB adoption is moving from a trade settlement tool to a treasury and funding currency, but corporates are still adjusting capital structures to match operational exposure.
Source: Standard Chartered