China’s push to internationalize its currency may have taken a back seat to domestic reform, but the renminbi continues to rise in importance among global corporations. Asiamoney’s eighth Global RMB Poll received responses from 2,039 different corporations, an increase of 8.6% from the previous year.
Not every corporation voted just once. The importance of renminbi services to treasurers, CFOs and other executives meant the total number of valid responses was 2,134 this year, compared with 2,026 in the previous year.
Respondents were asked to nominate their top three service providers in 16 different categories, including overall onshore RMB products and services (split between a general result and one limited to Chinese providers only) and overall offshore RMB products and services.
The following awards were given separate categories in the CNH and CNY markets: transaction banking and treasury management, derivatives, research and analysis, bond syndication, advisory, foreign exchange, and sales and solutions.
These results were then combined into the award for best overall global RMB products and services.
Voters came from a wide range of countries, although perhaps unsurprisingly most were from Asia. Companies from China accounted for 32.03% of responses, from Hong Kong for 21.97%, Japan for 10.94%, Taiwan for 9.51% and Singapore for 4.36%. The poll also garnered responses from Australia, France, Germany, India, Indonesia, Korea, Malaysia, the US and the UK.
Global RMB Poll 2019 Results
Best overall global RMB products/services |
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(global) |
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2019 | 2018 | Firm | % |
1 | 1 | HSBC | 49.63% |
2 | 2 | MUFG | 15.42% |
3 | 3 | Bank of China | 8.20% |
4 | 4 | Bank of China (Hong Kong) | 3.36% |
5 | - | ICBC | 2.75% |
Best overall offshore RMB products/services |
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(offshore) |
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2019 | 2018 | Firm | % |
1 | 1 | HSBC | 50.85% |
2 | 2 | MUFG | 14.36% |
3 | 3 | Bank of China | 6.98% |
4 | 4 | Bank of China (Hong Kong) | 4.10% |
5 | - | Citi | 2.31% |
Best overall onshore RMB products/services |
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(all providers) |
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2019 | 2018 | Firm | % |
1 | 1 | HSBC | 48.42% |
2 | 2 | MUFG | 16.49% |
3 | 3 | Bank of China | 9.43% |
4 | 4 | ICBC | 3.44% |
5 | - | China Construction Bank | 2.67% |
Best overall onshore RMB products/services |
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(Chinese providers only) |
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2019 | 2018 | Firm | % |
1 | 1 | Bank of China | 42.23% |
2 | 2 | ICBC | 15.42% |
3 | 3 | China Construction Bank | 11.96% |
4 | 4 | Agricultural Bank of China | 11.51% |
5 | 5 | China Merchants Bank | 9.60% |
Best CNH transaction banking and treasury management |
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2019 | Firm | Score |
1 | Citi | 1.79 |
2 | Standard Chartered | 1.46 |
3 | HSBC | 1.41 |
4 | MUFG | 0.95 |
5 | Hang Seng | 0.73 |
Best CNH derivatives |
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2019 | Firm | Score |
1 | HSBC | 2.46 |
2 | MUFG | 1.23 |
3 | Agricultural Bank of China | 0.77 |
4 | Citi | 0.66 |
5 | BOC | 0.58 |
Best CNH research and analysis |
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2019 | Firm | Score |
1 | HSBC | 2.02 |
2 | MUFG | 1.65 |
3 | Agricultural Bank of China | 0.78 |
4 | China Construction Bank | 0.78 |
5 | Mizuho | 0.75 |
Best syndication of CNH bonds |
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2019 | Firm | Score |
1 | MUFG | 2.09 |
2 | HSBC | 1.48 |
3 | Agricultural Bank of China | 0.84 |
4 | Citi | 0.84 |
5 | Standard Chartered | 0.84 |
Best advisory |
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2019 | Firm | Score |
1 | Mizuho | 2.03 |
2 | HSBC | 1.44 |
3 | MUFG | 1.27 |
4 | Citi | 0.94 |
5 | Agricultural Bank of China | 0.90 |
Best in RMB foreign exchange |
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2019 | Firm | Score |
1 | HSBC | 1.41 |
2 | Hang Seng | 1.40 |
3 | Mizuho | 1.18 |
4 | MUFG | 1.03 |
5 | Bank of China (Hong Kong) | 1.02 |
Best sales and solutions |
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2019 | Firm | Score |
1 | Mizuho | 2.87 |
2 | ICBC | 1.78 |
3 | MUFG | 1.43 |
4 | HSBC | 1.38 |
5 | Bank of China (Hong Kong) | 0.89 |
Best CNY transaction banking and treasury management |
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2019 | Firm | Score |
1 | Citi | 1.73 |
2 | MUFG | 1.60 |
3 | Agricultural Bank of China | 1.49 |
4 | HSBC | 1.35 |
5 | Mizuho | 1.06 |
Best CNY derivatives |
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2019 | Firm | Score |
1 | MUFG | 3.06 |
2 | HSBC | 1.90 |
3 | Mizuho | 1.53 |
4 | Citi | 1.17 |
5 | Standard Chartered | 0.99 |
Best CNY research and analysis |
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2019 | Firm | Score |
1 | MUFG | 1.91 |
2 | HSBC | 1.68 |
3 | Citi | 1.50 |
4 | ICBC | 0.90 |
5 | Mizuho | 0.76 |
Best syndication of CNY bonds |
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2019 | Firm | Score |
1 | China Merchants Bank | 1.87 |
2 | MUFG | 1.80 |
3 | HSBC | 1.71 |
4 | Mizuho | 1.28 |
5 | Agricultural Bank of China | 1.11 |
Best advisory |
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2019 | Firm | Score |
1 | Standard Chartered | 1.96 |
2 | HSBC | 1.65 |
3 | Citi | 1.59 |
4 | MUFG | 1.51 |
5 | China Merchants Bank | 0.96 |
Best in RMB foreign exchange |
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2019 | Firm | Score |
1 | HSBC | 1.79 |
2 | Citi | 1.35 |
3 | MUFG | 1.24 |
4 | ICBC | 0.77 |
5 | Standard Chartered | 0.77 |
Best sales and solutions |
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2019 | Firm | Score |
1 | MUFG | 2.20 |
2 | Standard Chartered | 2.10 |
3 | HSBC | 1.70 |
4 | China Merchants Bank | 1.13 |
5 | Mizuho | 1.11 |