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BOC rolls out first offshore renminbi index

Xinhua, March 11, 2014

• China's most internationalized bank, Bank of China (BOC) rolled out its first offshore renminbi index (ORI) on Tuesday, in a move to push globalization of the currency.

  Bank of China Ltd officially launches the BOC Offshore Renminbi Index in Beijing on Tuesday. The index tracks offshore use of the yuan. [Photo/China Daily]

  The bank's ORI mainly tracks development of the yuan's deposit scale, operation, use of financial tools and other aspects with five indicators reflecting performance in the international financial market.

  BOC rolled out a cross-border renminbi index (CRI) last year. The two indexes combined offer a comprehensive tracking system for the yuan's internationalization progress, said Chen Siqing, head of BOC.

  The ORI increased from 0.32 percent at the end of 2011 to 0.91 percent by the end of 2013, indicating the growing scale of offshore renminbi deposit.

  The index showed that Hongkong is the leading offshore renminbi center while the markets in Africa, Middle East and America offer great potential.

  Compared with other major international currencies, the renminbi enjoys a limited share in the global offshore market, but is accelerating its internationalization with Southeast Asia as a springboard.

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