<\/p>\n
Denominating trade finance costs in renminbi could offer \u201cimmediate bottom-line impact\u201d for corporates as their exposure to the currency accelerates, Standard Chartered has said.\u00a0<\/span><\/p>\n While many businesses have \u201csignificant\u201d renminbi exposure in their supply chains, it is yet to be reflected in corporate financing and treasury frameworks, the bank\u2019s latest research on renminbi internationalisation found.<\/p>\n Because renminbi interest rates are \u201cstructurally below\u201d US dollar rates, corporates could save up to 2% annually if they switch to renminbi for their trade finance, the lender said.\u00a0<\/span><\/p>\n Standard Chartered\u2019s survey of almost 300 corporates across several sectors showed that 23% of their collective revenue and 25% of their costs have renminbi exposure.\u00a0<\/span><\/p>\n China now accounts for over 15% of global trade. According to Swift\u2019s renminbi tracker, the currency was the fifth most used for global payments as of December 2025.\u00a0<\/span><\/p>\n Offshore liquidity is also at record depth, Standard Chartered said, with Bloomberg reporting that renminbi-denominated bonds issued outside mainland China \u2013 known as \u2018dim sum\u2019 bonds \u2013 reached Rmb850bn at the end of 2025.<\/p>\n But just 14% of corporate debt is denominated in renminbi, which Standard Chartered said leaves a \u201cpersistent gap between operating exposure and financing currency\u201d. In 2025, only 3.1% of global payments and 1.9% of global foreign exchange reserves were settled in the currency.<\/p>\n \u201cThis disconnect increasingly manifests as a structural imbalance: revenues and costs are often China-linked, while funding, liquidity and risk management remain concentrated in other currencies \u2013 introducing inefficiencies and growing strategic exposure over time,\u201d the report said.<\/p>\n The renminbi is entering a new phase and treasuries should reframe it as a core currency, the lender said. Once currencies are embedded across trade, payments and capital markets, their \u201cinternational role tends to persist even through geopolitical tension or policy realignment\u201d.<\/p>\n Unsurprisingly, places such as Hong Kong and South Korea have seen the most advanced stages of renminbi integration.\u00a0<\/span><\/p>\n In these areas, \u201crenminbi can now be deployed at scale \u2013 not only to settle trade, but to fund operations, manage liquidity and integrate FX and interest-rate risk within treasury frameworks\u201d, the report noted.<\/p>\n For the Asean nations in Southeast Asia, adoption has been supply chain-driven, while in the Middle East and parts of Africa, renminbi use is concentrated in energy and infrastructure trade corridors.<\/p>\n Recently reported on growing ties between Gulf Cooperation Council countries and Asia, including an uptick in renminbi use.<\/p>\n Latin America has seen renminbi adoption cluster around commodity corridors, the report said, with exporters receiving renminbi for sales to China and using the proceeds for imports of Chinese goods.\u00a0<\/span><\/p>\n Brazil is the most advanced market in the region, while renminbi invoicing for Chinese imports into Argentina is growing rapidly.<\/p>\n In Europe, Standard Chartered noted that renminbi use is more strategic rather than wholesale, with particular focus on sustainable and transition finance.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Denominating trade finance costs in renminbi could offer \u201cimmediate bottom-line impact\u201d for corporates as their exposure to the currency accelerates, Standard Chartered has said.\u00a0 While many businesses have \u201csignificant\u201d renminbi exposure in their supply chains, it is yet to be reflected in corporate financing and treasury frameworks, the bank\u2019s latest research on renminbi internationalisation found. 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