As economic uncertainty and geopolitical tensions reshape global finance, corporate CFOs and treasurers are turning to the renminbi ( RMB ) to bolster liquidity management and tap cost-effective capital markets. The RMB’s share in global payments climbed to 3.1% in early 2025, up from 2.7% in mid-2024, according to SWIFT, signalling its growing clout in trade and treasury strategies. With China’s monetary policies keeping RMB yields attractive and initiatives to internationalize the currency gaining momentum, companies are leveraging RMB cash pools, trade settlements, and bond issuances like panda and dim sum bonds to navigate volatile markets.

Multinational corporations are increasingly integrating the RMB into liquidity management to optimize cash flows and reduce costs, particularly for operations tied to China. Centralized RMB cash pools, often based in Hong Kong or Shanghai, are becoming a go-to strategy. These pools allow firms to aggregate funds from subsidiaries, minimizing idle cash and slashing borrowing expenses.

The RMB’s appeal extends to capital markets, where panda and dim sum bonds are unlocking cost-effective fundraising. Panda bonds, issued by foreign entities in China’s onshore market, saw issuance soar to 195 billion yuan ( US$26.73 billion ) in 2024, up from 155 billion yuan in 2023, according to Deutsche Bank research. High-profile deals include Egypt’s 3.5-billion-yuan sustainable panda bond and the New Development Bank’s 7-billion-yuan issuance this month.

Dim sum bonds, issued offshore primarily in Hong Kong, are also booming. Issuance in Hong Kong jumped 93% year-on-year in the first half of 2024, reaching 396 billion yuan, with outstanding RMB debt securities hitting 876.5 billion yuan.

The RMB’s rise reflects broader trends in corporate finance, as firms diversify away from traditional major currencies. China’s loose monetary stance and initiatives like Southbound Bond Connect, which draws mainland investors to offshore markets, are fuelling RMB adoption. ESG-themed panda bonds, such as Egypt’s sustainable issuance, also signal growing innovation in the market.

Regional winners

Looking to shine the spotlight on renminbi development, The Asset’s board of editors, as part of the Treasurise Awards 2025, is pleased to reveal several regional winners for their efforts in promoting and educating the market about the Chinese currency.

Standard Chartered wins in several categories, including Best Renminbi Bank for FX, wholesale e-CNY, liquidity and trade finance. The bank has been proactive in solving the risk management needs of clients across multiple markets, allowing their corporate clients to access onshore CNY via the CFETS ( China Foreign Exchange Trade System ) and onshore CNH FX on top of an array of product offerings. It has also promoted the exciting e-CNY proposition to commercial clients, greatly improving settlement times. Moreover, Standard Chartered has secured several cross-border renminbi cash pool mandates, helping companies gain better visibility on their finances. Finally, the bank has been a reliable partner for companies aiming to set up their renminbi-denominated letter of credit and supply chain solution programmes.        

Bank of China notches up the award for Best Renminbi Bank for settlements and capital markets services. Over the past year, the bank has enhanced its settlement operations across its network. It is now able to offer USD/CNH T+0 FX services in the Americas, for example. In capital markets, the bank has been a leader in advising issuers to tap either the panda or dim sum bond market. One notable deal was the work the bank did for Suzano’s 1.2-billion-yuan green panda bond, the first non-financial corporation from the Americas to issue such a bond.

HSBC wins as Best Renminbi Bank for e-CNY retail services, having enhanced its capabilities in Hong Kong and China for cross-boundary payments. For example, HSBC in Hong Kong now supports FPS top-ups for e-CNY wallets from renminbi to Hong Kong dollar accounts with instant conversion between the two currencies.   

The exciting RMB developments come at a time when several leading institutions are vying for regional recognition at The Asset Triple A Treasurise Awards 2025. The winners for several award categories including Best Renminbi Bank will be announced, Oscars-style, at a gala event on May 21, 2025 in Hong Kong. To join the in-person annual celebratory dinner, please contact us at celebrate@theasset.com.

For the list of the regional nominees/winners, please click here.

To view the full list of winning renminbi internationalization treasury solutions, please click here.

This concludes our website announcements of winning solutions and banks as part of the Triple A Treasurise Awards 2025.