The Standard Chartered Renminbi Globalization Index (RGI) edged up 9.4 percent on a monthly basis to 2,312 in August from a revised 2,113 in July, fuelled by a temporary surge in currency transactions between offshore yuan and foreign currencies, said Standard Chartered.
According to a report issued along with the index, the average daily CNH-forex turnover increased roughly 90 percent in August compared with July, due to greater deleveraging and risk hedging since August 11 when China's central bank changed the way it calculated daily central parity rate in the onshore market.
The RGI, covering four key areas including bank deposits, dim sum bonds and certificates of deposit, trade settlement and foreign exchange, broadly measures offshore RMB activities in Hong Kong, London, Singapore, Taiwan, New York, Seoul and Paris.
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