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February 27, 2025
The RMB is steadily growing as an international currency, with rising use in payments, trade finance, investment, and reserves. However, it still lags behind the USD and EUR. Factors like geopolitical shifts, financial market reforms, and alternative payment systems (CIPS) continue to shape its trajectory.
November 13, 2023
We analyze the recent progress of RMB internationalization in BBVA footprint countries including Spain, Türkiye, Argentina, Colombia, Peru, Mexico, Venezuela and Brazil.
May 17, 2022
A series of global and domestic macro fundamentals drove recent sharp RMB depreciation. We do not think it will lead to systematic financial instability risk as it is synchronized with depreciation of other currencies amid FED tightening measures. The PBoC has counter-cyclical tools to maintain the RMB exchange rate stable.
July 6, 2021
We provide a macro analytical framework to investigate what determines the RMB exchange rate trend in 2H21. RMB exchange rate is expected go back to the 6.4 to 6.5 range at end-2021 and will display two-way fluctuations.
February 1, 2021
This report is trying to answer the three questions: What is the underlying logic of the ongoing RMB appreciation trend? Is the trend sustainable as the global economy normalizes? And where will the RMB exchange rate go at end-2021?
March 4, 2020
China’s banking sector, particularly small and medium-sized banks, today face a headwind of asset quality deterioration. Revisiting Chinese bank rescues from the early 2000s, we examine how the authorities tackled a severe rise in non-performing loans (NPLs).
February 5, 2016
A number of hedge funds have shifted their attention to Hong Kong Dollar (HKD), speculating on the possibility of the currency abandoning its decades-old peg to the USD. It has led the HKD to soften against the USD and raised the interbank interest rate. However, we believe that HKD de-pegging is an unlikely scenario for a number of reasons.
December 7, 2015
On 30 November the International Monetary Fund (FMI) announced its decision to include China’s currency (the renminbi, RMB) in its basket of benchmark currencies, which is used to determine the value of special drawing rights (SDRs).
