06/12/2015
Global / Economics
The first-in-town DBS RMB Index for Winning Enterprises (DRIVE) is a composite index that measures the actual RMB usage and acceptance by local corporations, as well as their sentiment towards future RMB adoption.
Summary:
- Business needs for RMB fell
- Positive relationship between appreciation expectations and business needs for RMB
- RMB product usage fell
The 1Q15 reading of DRIVE fell to 55.1 from 57.2 in 4Q14. Actual business performance was generally stable compared to the previous quarter. China’s economic slowdown has impacted the volume of RMB customer orders/invoices and trade settlement, as well as the intention for its use in the next 12 months. Overall RMB product usage levels fell slightly, as usage of both RMB payment and receivables and RMB trade services fell. Also, access to RMB loan/credit facilities became more difficult, and interest in RMB financing remained muted.
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