The growth of the renminbi means it is important to gauge the banks that are facilitating its use and rate the services they offer. Asiamoney’s RMB Poll – one of the region’s most comprehensive client-oriented surveys for assessing RMB services – asked corporate treasurers, financial institutions and institutional investors to pick the best service providers in the renminbi market.
Asiamoney’s 10th RMB poll received a total of 1,799 valid responses from 1,718 different companies, shining light on the importance of the market even as China’s government pushes renminbi internationalization lower down on its agenda as it continues opening its financial markets to international players.
Consisting of a quantitative market leaders section and a qualitative customer satisfaction section, respondents were asked to vote for the banks they use and rate the services they offered.
Global RMB Poll 2021 Results
Market leaders |
|||
Best overall global RMB products/services |
|||
| 2021 | 2020 | Bank | Market Share% |
| 1 | 1 | HSBC | 50.59% |
| 2 | 3 | MUFG | 15.01% |
| 3 | 4 | Bank of China (Hong Kong) | 5.34% |
| 4 | 2 | Bank of China | 5.33% |
| 5 | 5 | ICBC (Asia) | 3.70% |
Market leaders |
|||
Best overall offshore RMB products/services |
|||
| 2021 | 2020 | Bank | Market Share % |
| 1 | 1 | HSBC | 49.49% |
| 2 | 2 | MUFG | 14.49% |
| 3 | 4 | Bank of China (Hong Kong) | 10.68% |
| 4 | 5 | ICBC (Asia) | 7.41% |
| 5 | - | Citi | 1.91% |
Market leaders |
|||
Best overall onshore RMB products/services (Chinese providers only) |
|||
| 2021 | 2020 | Bank | Market Share % |
| 1 | 1 | Bank of China | 39.71% |
| 2 | 2 | ICBC | 20.79% |
| 3 | 3 | China Merchants Bank | 12.46% |
| 4 | 5 | Agricultural Bank of China | 9.82% |
| 5 | 4 | China Construction Bank | 9.46% |
Market leaders |
|||
Best overall onshore RMB products/services (all providers) |
|||
| 2021 | 2020 | Bank | Market Share % |
| 1 | 1 | HSBC | 51.71% |
| 2 | 3 | MUFG | 15.53% |
| 3 | 2 | Bank of China | 10.66% |
| 4 | 4 | ICBC | 5.58% |
| 5 | 5 | China Merchants Bank | 3.34% |
Client satisfaction scores |
||
Offshore RMB products/services |
||
| 2021 | Bank | Scores |
| 1 | HSBC | 6.3 |
| 2 | MUFG | 6.2 |
| 3 | ICBC (Asia) | 6.1 |
| 4 | Citi | 5.7 |
| 5 | Standard Chartered | 5.6 |
Client satisfaction scores |
||
Onshore RMB products/services (Chinese providers only) |
||
| 2021 | Bank | Scores |
| 1 | ICBC | 5.8 |
| 2 | China Merchants Bank | 5.6 |
| 3 | BOCOM | 5.6 |
| 4 | China Construction Bank | 5.6 |
| 5 | Agricultural Bank of China | 5.5 |
Client satisfaction scores |
||
Onshore RMB products/services (all providers) |
||
| 2021 | Bank | Scores |
| 1 | HSBC | 6.5 |
| 2 | MUFG | 6.4 |
| 3 | ICBC | 5.8 |
| 4 | Mizuho | 5.8 |
| 5 | Standard Chartered | 5.6 |