Different Paces, Different Uses: Is the Internationalization of the Renminbi Showing Divergence Across Regions? | Going Global · Finance

【Caixin.com】 Standard Chartered Bank’s latest research report focusing on the internationalization of the Renminbi indicates a significant gap between global companies’ exposure to the Renminbi in trade and supply chains and their use of the currency for financing. Among other findings, incorporating the Renminbi into their financing structures could save companies up to 2% annually in costs.

The report titled “The Flowing Renminbi: New Cross-Border Opportunities for Enterprises,” published on March 11, 2026, is based on a survey of nearly 300 large companies across 19 industries worldwide. The report shows that 23% of the surveyed companies’ revenue and 25% of their costs involve Renminbi exposure, while only 14% of their debt is denominated in Renminbi, indicating a broader potential for Renminbi use in corporate financing.

In industries such as manufacturing and trade, financing costs directly impact competitiveness. The report cites data from March 2, indicating that the three-month Shanghai Interbank Offered Rate (SHIBOR) is about 1.6%, over 200 basis points lower than the U.S. Federal Funds Rate; the one-year Loan Prime Rate (LPR) is 3.0%. Switching the currency of financing could reduce companies’ borrowing costs by up to 100 basis points. For example, a company with an annual trade finance volume of $100 million could save $2.2 to $2.4 million annually by switching from U.S. dollars to Renminbi.