HSBC topped the Asiamoney Global RMB Poll for 2018.
Securing top rankings in all 10 categories as well as Best Overall for RMB Products and Services, HSBC led the way in this key industry poll for an extraordinary seventh consecutive year.
“Being voted the best RMB house every year since the first edition of the poll in 2012 is a tremendous achievement in itself,” said Helen Wong, Chief Executive, Greater China. “It reflects our clients’ confidence in HSBC as the go-to-bank for their RMB needs. We are extremely honoured to be recognised for the strength of our RMB franchise and, above all, the dedication and collaboration of our relationship managers, sales teams and many other colleagues.”
The Asiamoney rankings demonstrate the Bank’s leadership in RMB at a time when confidence in the currency is growing and China is accelerating the opening-up of its capital markets.
According to the HSBC Reserve Management Trends survey for 2018, reserve managers expect the share of RMB as a global reserve currency to increase from 6.1% by end of this year to 8.5% by 2020 and 15% by 2030.
More of China’s trade is being settled in RMB, too. In 2017, 12% of the nation’s total trade was conducted in RMB; by 2020, HSBC estimates China will conduct 50% of its trade in its own currency.
And, from 1 June, China’s domestic A shares were also included in MSCI’s Emerging Markets index. HSBC expects this to drive more than USD600bn of global investment into these RMB securities over the next five to 10 years.
HSBC’s unique position as the leading foreign bank in China, supported by our global network, means we are ideally positioned to meet clients’ growing RMB needs.
The Asiamoney poll is recognised as a comprehensive client-oriented poll covering the full range of onshore, offshore and cross-border RMB services. The poll results rank the RMB service providers such as HSBC based upon votes from corporates, financial institutions and investors who use RMB services.
We are named best overall for RMB in the following categories:
We are also named best for RMB in the following categories: