Renminbi ( RMB ) internationalization is entering a more structural phase, with the Chinese currency increasingly integrated alongside other major currencies within multi-currency treasury frameworks, a new report finds.

But while global corporates already carry significant RMB exposure through trade and supply chains, corporate financing and treasury frameworks have yet to fully reflect this shift, according to the Standard Chartered report, Renminbi in Motion for Corporates, which is based on a survey of nearly 300 global corporates across 19 sectors.

China accounts for more than 15% of global trade and is the largest trading partner for over 120 economies. Yet, the RMB accounts for only 3.1% of global payments and 1.9% of global foreign exchange reserves.

Among the corporates surveyed, 23% of revenues and 25% of costs carry RMB exposure, while only 14% of debt is denominated in the currency, highlighting a persistent gap between operating exposure and financing currency, the report says.

Operational needs

"Many corporates already have meaningful RMB exposure through trade, procurement, and supply chains. As market infrastructure deepens and liquidity expands, adoption is increasingly being driven by operational needs – including trade settlement and balance sheet alignment," comments Karen Ng, head of China opening and RMB internationalization at Standard Chartered.

The report finds that RMB adoption is increasingly driven by corporate operating needs rather than currency positioning. Key drivers include trade settlement, supply chain financing, balance sheet alignment, and managing foreign exchange and interest rate exposure.

 Supporting market infrastructure has expanded significantly. The Cross-Border Interbank Payment System ( CIPS ) now connects more than 1,500 financial institutions across 124 countries, with transaction volumes growing approximately 43% year on year.

 Offshore RMB liquidity has also deepened. Hong Kong RMB deposits now stand at around 1 trillion yuan ( US$145.63 billion ), dim sum bond ( offshore RMB-denominated bond ) issuances have risen to 850 billion yuan, and panda bond issuances total 195 billion yuan onshore. Narrowing onshore-offshore spreads are further supporting the RMB's role as a funding and balance sheet currency.

Beyond trade settlement, RMB integration can strengthen corporate treasury management by enhancing payments resilience, diversifying funding, aligning balance sheets with cash flows, and improving liquidity in China-linked working capital – potentially delivering annual savings of up to 2 per cent.

Adoption patterns

Adoption patterns vary across regions. In Greater China and North Asia, corporates are expanding RMB usage beyond settlement to include funding and liquidity management. In Southeast Asia, adoption is largely supply chain-driven, while in the Middle East and parts of Africa, usage is concentrated in energy and infrastructure trade corridors. In Europe and the Americas, capital markets issuances and selective funding diversification are emerging as notable entry points.

“Across regions, RMB internationalization is no longer confined to policy ambition or isolated trade corridors. It is advancing across payments, funding, capital markets and digital infrastructure – region by region, sector by sector, and increasingly at scale,” the report says.

“The decision is no longer where RMB adoption is most advanced, but about how prepared corporates are to respond when conditions evolve. Regional pathways differ, but the foundations of readiness are universal.”