The Business Times
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US dollar still reigns, but businesses and investors ramp up currency diversification: StanChart

Amid the USD uncertainty, discussions are resurfacing over the prospects of RMB internationalisation

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Jude Chan

Jude Chan

Published Tue, Jan 27, 2026 · 09:55 AM
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    • Standard Chartered's Singapore CEO Patrick Lee says the renminbi is increasingly seen as a "pragmatic currency" for trade settlement.
    • Standard Chartered's Singapore CEO Patrick Lee says the renminbi is increasingly seen as a "pragmatic currency" for trade settlement. PHOTO: YEN MENG JIIN, BT

    [SINGAPORE] The US dollar still dominates global trade, but the use of the Chinese renminbi (RMB) has gained strong momentum across Asean, with the trend expected to continue. 

    “We do not see other currencies challenging the USD’s (US dollar) dominant role in the near term,” said Jean Lu, chief executive officer of Standard Chartered Bank in China in an interview with The Business Times.

    “That said, the increasing demand from international investors and trade businesses for currency diversification and portfolio de-risking or re-balancing is a genuine and notable trend,” she added.

    Standard CharteredUS dollarCurrency wars

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