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Asiamoney has once again polled corporations, financial institutions and investors to identify the best service providers in the renminbi market.
Asiamoney’s ninth Global RMB poll got responses from 1,682 institutions, showing the importance of the market even as China’s government shifts its focus to other policy priorities, particularly responding to trade threats from the US and steering the economy through the impact of the coronavirus.
The poll generated responses from around the world. The greatest number of responses unsurprisingly came from China, which represented 48.68% of the voting pool. Hong Kong accounted for 17.39% of total responses, Taiwan for 6.08%, the US for 4.71%, Japan for 4.08% and Singapore for 3.5%.
There were also votes from Australia, France, Germany, India, Indonesia, Korea, Malaysia, the UK and elsewhere.
Respondents were asked to nominate their top three services providers for RMB products and services in both the onshore and offshore markets. They were also asked to nominate their favoured service provider in a number of categories, including advisory, foreign exchange, transaction banking and bond syndication.
Overall results
Client satisfaction scores (offshore)
Client satisfaction scores (onshore)
Overall results
| Best overall global RMB products/services |
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| (global) | |||
| 2020 | 2019 | Firm | % |
| 1 | 1 | HSBC | 55.69% |
| 2 | 3 | Bank of China | 8.67% |
| 3 | 2 | MUFG | 7.52% |
| 4 | 4 | Bank of China (Hong Kong) | 3.35% |
| 5 | 5 | ICBC | 3.19% |
| Top | |||
| Best overall offshore RMB products/services |
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| (offshore) | |||
| 2020 | 2019 | Firm | % |
| 1 | 1 | HSBC | 54.31% |
| 2 | 2 | MUFG | 9.87% |
| 3 | 3 | Bank of China | 7.48% |
| 4 | 4 | Bank of China (Hong Kong) | 4.57% |
| 5 | – | ICBC | 2.53% |
| Top | |||
| Best overall onshore RMB products/services |
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| (onshore – all providers) |
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| 2020 | 2019 | Firm | % |
| 1 | 1 | HSBC | 57.06% |
| 2 | 3 | Bank of China | 9.85% |
| 3 | 2 | MUFG | 5.16% |
| 4 | 4 | ICBC | 3.84% |
| 5 | – | China Merchants Bank | 3.61% |
| Top | |||
| Best overall onshore RMB products/services |
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| (onshore – Chinese providers only) |
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| 2020 | 2019 | Firm | % |
| 1 | 1 | Bank of China | 39.30% |
| 2 | 2 | ICBC | 15.33% |
| 3 | 5 | China Merchants Bank | 14.38% |
| 4 | 3 | China Construction Bank | 10.40% |
| 5 | 4 | Agricultural Bank of China | 9.86% |
| Top | |||
Client satisfaction scores (offshore)
| Best CNH transaction banking and treasury management |
||
| (offshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.747 |
| 2 | MUFG | 1.683 |
| 3 | Standard Chartered | 1.203 |
| 4 | Mizuho | 0.963 |
| 5 | Bank of China | 0.952 |
| Top | ||
| Best CNH derivatives |
||
| (offshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.722 |
| 2 | Citi | 1.318 |
| 3 | MUFG | 1.282 |
| 4 | Agricultural Bank of China | 1.219 |
| 5 | Mizuho | 1.068 |
| Top | ||
| Best CNH research and analysis |
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| (offshore) | ||
| 2020 | Firm | Score |
| 1 | Standard Chartered | 1.953 |
| 2 | HSBC | 1.601 |
| 3 | MUFG | 1.410 |
| 4 | Agricultural Bank of China | 1.283 |
| 5 | Citi | 1.250 |
| Top | ||
| Best syndication of CNH bonds |
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| (offshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.803 |
| 2 | Bank of China | 1.110 |
| 3 | China Merchants Bank | 1.096 |
| 4 | Standard Chartered | 0.999 |
| 5 | MUFG | 0.981 |
| Top | ||
| Best advisory |
||
| (offshore) | ||
| 2020 | Firm | Score |
| 1 | MUFG | 1.894 |
| 2 | Citi | 1.802 |
| 3 | Standard Chartered | 1.736 |
| 4 | HSBC | 1.057 |
| 5 | Mizuho | 1.057 |
| Top | ||
| Best in RMB foreign exchange |
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| (offshore) | ||
| 2020 | Firm | Score |
| 1 | Citi | 1.813 |
| 2 | HSBC | 1.608 |
| 3 | MUFG | 1.452 |
| 4 | Bank of China | 1.112 |
| 5 | Agricultural Bank of China | 0.964 |
| Top | ||
| Best sales and solutions |
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| (offshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.720 |
| 2 | MUFG | 1.514 |
| 3 | Standard Chartered | 1.251 |
| 4 | ICBC | 1.215 |
| 5 | Citi | 1.197 |
| Top | ||
Client satisfaction scores (onshore)
| Best CNY transaction banking and treasury management |
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| (onshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.798 |
| 2 | Standard Chartered | 1.408 |
| 3 | China Construction Bank | 1.292 |
| 4 | Agricultural Bank of China | 1.154 |
| 5 | MUFG | 0.973 |
| Top | ||
| Best CNY derivatives |
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| (onshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.825 |
| 2 | China Construction Bank | 1.219 |
| 3 | Bank of China | 1.118 |
| 4 | MUFG | 0.974 |
| 5 | Standard Chartered | 0.866 |
| Top | ||
| Best CNY research and analysis |
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| (onshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.915 |
| 2 | MUFG | 1.338 |
| 3 | Agricultural Bank of China | 0.902 |
| 4 | Mizuho | 0.867 |
| 5 | Standard Chartered | 0.843 |
| Top | ||
| Best syndication of CNY bonds |
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| (onshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.805 |
| 2 | Standard Chartered | 1.510 |
| 3 | MUFG | 1.372 |
| 4 | China Merchants Bank | 1.372 |
| 5 | Mizuho | 1.308 |
| Top | ||
| Best advisory |
||
| (onshore) | ||
| 2020 | Firm | Score |
| 1 | HSBC | 1.697 |
| 2 | Standard Chartered | 1.535 |
| 3 | MUFG | 1.310 |
| 4 | China Merchants Bank | 1.245 |
| 5 | China Construction Bank | 1.172 |
| Top | ||
| Best in RMB foreign exchange |
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| (onshore) | ||
| 2020 | Firm | Score |
| 1 | MUFG | 1.604 |
| 2 | HSBC | 1.584 |
| 3 | China Construction Bank | 1.237 |
| 4 | Bank of China | 1.205 |
| 5 | China Merchants Bank | 1.148 |
| Top | ||
| Best sales and solutions |
||
| (onshore) | ||
| 2020 | Firm | Score |
| 1 | MUFG | 1.646 |
| 2 | HSBC | 1.636 |
| 3 | China Construction Bank | 1.319 |
| 4 | China Merchants Bank | 0.939 |
| 5 | Standard Chartered | 0.935 |
| Top | ||