Expect more two-way variability in USD-CNY in the medium term

July 2015 brings the fifth anniversary of the launch of the offshore Renminbi market in Hong Kong. Big strides have been made in the internationalisation of the Renminbi since then, and we expect its pace to quicken over the next five years, says Standard Chartered 

The inclusion of the Renminbi in the IMF's SDR basket - which could happen as early as this year - would be a clear recognition of the currency's coming of age as it grows to match the size and influence of China's economy. 

A more accessible Chinese currency opens up important new opportunities for investors and corporate treasurers; one should also prepare for substantially more two-way variability in the USD-CNY cross in the medium term.