The Global RMB Internationalisation Survey 2024 reveals that usage in cross-border trade has surged, accounting for over half of China’s cross-border payments. The results show high engagement from financial institutions and companies in RMB-based transactions, with notable growth in cross-border cash management, trade financing and investments.
China Insights
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China’s retail banking sector faces regulatory and macroeconomic pressures that are lowering revenues and profits, with banks turning to AI and technology to boost growth and customer engagement
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Despite recent market volatility and real estate downturns that resulted in a wealth decline in 2023, China’s wealth management industry is poised for continuous growth in 2024 and projected to exceed $100 trillion by 2025
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China’s bank-backed fintechs, such as CCB Fintech and OneConnect, grapple with profitability, fierce competition from tech giants and evolving regulatory landscapes.
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China’s private banking sector has witnessed a significant migration of high-net-worth individuals to the country’s largest banks, underscoring a flight-to-safety trend and intensifying competitive pressures for smaller banks.
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China’s economy grew faster than expected at the start of the year but it remains to be seen if it signals a solid recovery trend as the crisis-hit property sector bears down on growth
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China's e-commerce rebounded in 2023, with Pinduoduo's remarkable performance surpassing that of Alibaba and JD.com. Alibaba responded with the 'Year-End Good Price' festival, emphasising a 'low price strategy.'
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China’s wealth management market overcame regulatory hurdles and saw renewed investor confidence in the first half of 2023, with mutual funds surpassing the scale of bank wealth management products
The impact of the Renminbi as a commodity currency extends beyond trade transactions, influencing its broader usage in the global financial landscape
Despite China’s trade surplus, the RMB is depreciating against the USD and Euro due to lower yields on RMB-denominated assets, but this trend is expected to reverse in 2024 as interest rates align and exports recover
China’s macroeconomic outlook, open financial markets and continuous technological innovation create ideal conditions for international use of RMB based on a global survey by TABInsights with over 2,542 executives from financial institutions and corporations across 23 markets.
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Despite economic challenges and shifting consumer trends, China’s Double 11 sales increased, placing Pinduoduo as a formidable contender in the fiercely competitive e-commerce sector
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In 2023, China’s domestic systemically important banks grew to 20, led by China Merchants Bank in the TAB Global 1000 World’s Strongest Banks 2023 ranking, but some still require more capital despite improved capital ratios
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Banks and other financial institutions in China are quicker to adopt new technologies to improve core banking infrastructure, strengthen lending, and enhance compliance
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Despite economic headwinds, banks leveraged advanced technologies and a customer-centric approaches to drive balanced growth, with customer engagement, financial inclusion, and ecosystem development emerging as key strategies
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Thirty-seven banks held assets surpassing $1 trillion, distributed among 16 in Asia Pacific, 13 in Europe, and eight in North America, representing 51% of the top 1000 banks’ total assets; overall asset growth has decelerated, with the US and some European nations experiencing steep declines and countries like Egypt demonstrating resilience
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China's wealth management market has the potential to surpass $100 trillion by 2025, but it needs to overcome challenges like low asset allocation, regulatory changes, and pressure on wealth managers
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Despite efforts to cap financial sector pay, 17 out of the 25 largest commercial banks in China saw a rise in average remuneration for their directors, supervisors and other senior executives in 2022
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Alipay emerges as the best platform, driven by its impressive performance in coverage, connectivity and ecosystem, while GCash excels in customer base, usage and engagement, and Wise scores on performance
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Chinese private banks are upgrading philanthropic planning services to cater to increased demand following the country’s ‘common prosperity’ policy
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China Merchant Bank (CMB), Industrial and Commercial Bank of China (ICBC) and other major Chinese commercial banks have stopped robo-advisory services in response to increased regulatory scrutiny.
Taikang’s adept grasp of ultra-high-net-worth clients’ lifelong needs has enabled it to create a seamless fusion of insurance, healthcare, and asset management resources, crafting a comprehensive model catering to families throughout their lifetimes
China comes in second on the Forbes World’s Billionaires List 2023 with 495 billionaires amongst 2,640 individuals with 10-figure fortunes,
Ping An is partnering with digital supply chain and e-commerce platforms to grow its transaction banking business and serve customers across their trade and supply chain finance as well as cash and treasury management needs
Banks strengthen digital banking capabilities by enhancing the user interface and user experience design, automation and digitalisation
The past year saw a strong momentum in the international adoption of Renminbi (RMB) as its share as a reserve currency continued to increase. Claims in RMB rose to a five-year high of $336.1 billion (RMB 2.2 trillion) in the fourth quarter of 2021, accounting for 2.8% of the composition of world reserve currencies, the highest since RMB’s inclusion in special drawing rights (SDR) in 2016. In the latest review of the SDR, the International Monetary Fund (IMF) increased RMB’s weight to 12.3% from 10.9%.
In mid-April, three rural banks in Henan Province - Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and one rural bank in Anhui Province (Guzhen Xinhuaihe Rural Bank) successively announced that deposits at these banks could not be withdrawn due to certain "system upgrades".
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