Cross-border payments and FX turnover- strong contributors to the RGI in January

Renminbi-denominated cross-border SWIFT payments remained the top contributor to the RGI in January, accounting for 0.98ppt of the index's 2.3% m/m rise. FX turnover was a close second.
 
Standard Chartered notes as follows on Monday:

• We have updated the index weightings using the latest 24-month data as of January 2015.
• The weighting for CNH deposits declined moderately due to the slight increase in deposit volatility in 2014. The weightings for FX turnover and Dim Sum bonds rose moderately, while the weighting for trade settlement was broadly unchanged.
  
  
• FX turnover contributed 0.94ppt to January's 2.3% m/m rise, while deposits and Dim Sum bonds added 0.20ppt and 0.18ppt, respectively. 
  
  
• Hong Kong retained its spot as the clear leader among Renminbi SWIFT payment centres, using our weighted average measure, followed by UK and Singapore. 
  
  
• These three centres cumulatively account for over 70% of all cross-border Renminbi-denominated SWIFT payments. The six RGI centres together account for more than 87% of payments