Standard Chartered Expands Yuan Services for Global
Standard Chartered is enhancing its yuan advisory and transaction services, citing strong client demand and supportive regulatory measures from Chinese
Standard Chartered Bank is sharpening its focus on yuan-related services for corporate and institutional clients as international use of the Chinese currency grows. Jerry Zhang, the bank's global head of RMB commercialisation, says geopolitical dynamics and market uncertainty are driving natural demand for the yuan in trade, financing, and asset allocation.
Zhang's role involves coordinating the bank's global strategy to connect its competitive advantages with client needs for yuan solutions. She states that Standard Chartered is upgrading its organisational setup to move beyond policy interpretation and deliver concrete solutions. The bank operates yuan services in 35 markets, covering accounts, remittances, trade finance, and foreign exchange.
Regulatory Momentum and Digital Infrastructure
Recent regulatory moves by Chinese authorities are creating tangible business implications. At the Lujiazui Forum in June, People's Bank of China (PBOC) governor Pan Gongsheng announced a pilot for offshore yuan foreign exchange trading in the Shanghai Free Trade Zone. In early July, he outlined 11 measures to strengthen Hong Kong's role as a global offshore yuan hub.
In a key infrastructure move, Standard Chartered became one of the first foreign banks admitted as a direct participant in the Cross-border e-CNY Transfer Services (CBETS) platform in June. This PBOC-backed blockchain initiative aims to speed up and secure cross-border digital yuan settlements. Zhang believes this will help advance the currency's internationalisation.
Growth in Yuan Bond Markets
Zhang points to accelerating issuance in offshore yuan debt markets as an encouraging sign. Sales of dim sum bonds, or offshore yuan-denominated bonds, grew over 60% year-on-year in the first half of 2026. Panda bonds, yuan-denominated debt sold by foreign entities in mainland China, saw a 69% increase for the same period.
| Bond Type | Description | H1 2026 Growth (YoY) |
|---|---|---|
| Dim Sum Bonds | Offshore yuan-denominated bonds | >60% |
| Panda Bonds | Yuan debt sold by foreign entities in mainland China | 69% |
Corporate Treasury and Liquidity Gaps
A Standard Chartered report titled "Renminbi in Motion for Corporates" found a mismatch in how multinational companies use the yuan. While 23% of their revenue and 25% of procurement costs are yuan-linked, only 14% of their debt is denominated in the currency. "They are still using the familiar funding channels, so the RMB debt component needs to be gradually embedded," Zhang says. This mismatch leaves companies overly exposed to currency swings.
To support increased yuan usage, liquidity is expanding. The Hong Kong Monetary Authority (HKMA) managed RMB Business Facility was enlarged this year from 100 billion to 500 billion yuan. This makes it easier for banks to extend yuan loans for working capital. At the moment, Hong Kong is the largest centre for offshore RMB liquidity, so there is a responsibility to channel that to markets where it is in short supply, Zhang notes, acknowledging a significant gap that needs filling.
Investor Access and Future Momentum
For investors, Standard Chartered provides access to mainland markets via Stock Connect and Bond Connect. Zhang sees scope for these holdings to be used more widely as collateral for more efficient capital deployment. That would be very appealing, and I see strong momentum building among corporate banks and investors, she says.
Zhang concludes that the trend towards yuan internationalisation is a long-term one, driven by China's trade relationships with over 130 countries. She is confident in Standard Chartered's network and expertise to meet growing client demand for yuan services in corporate treasury and daily transactions.
