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Global RMB Poll

Asiamoney Global RMB Poll 2021

The outbreak of the Covid-19 pandemic and the fall in the use of the renminbi globally at the end of last year meant firms had their work cut out for them. In its latest poll, Asiamoney identifies which service providers stood out in the renminbi market

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
Client satisfaction

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
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