Core Viewpoint - The global trade landscape and the internationalization of currencies are critical factors influencing world economic development, especially amid the complexities of the current international trade environment [1]. Group 1: Trade Outlook - HSBC's recent trade outlook survey indicates that global companies are facing rising costs and declining revenues due to ongoing uncertainties in tariffs and trade policies, prompting them to adjust their trade strategies [2][3]. - China remains the primary market for global companies looking to increase trade relations, with 44% of surveyed companies planning to enhance trade with China, followed closely by Europe (43%) and the United States (39%) [3]. - In terms of manufacturing, 40% of global companies plan to increase production in China over the next two years, second only to Europe at 45% [3]. Group 2: Regional Insights - Asian companies show a higher inclination to increase trade with China (54%) and manufacturing in China (52%) compared to the global average [3]. - HSBC's CEO in China noted that global trade disruptions caused by tariffs have significantly impacted business activities, leading companies to explore new markets and improve supply chain management [3][4]. Group 3: Innovation and Growth - Despite facing trade headwinds, 89% of global companies remain optimistic about achieving international business growth in the next two years, including 90% of Chinese companies [5]. - Over 84% of Chinese companies view current pressures as catalysts for innovation, prompting them to seek new opportunities, such as expanding into overseas markets (85%) and increasing domestic sales (81%) [5]. Group 4: Cost and Revenue Impact - Approximately two-thirds of global companies report being affected by rising costs, with 73% expecting short-term cost increases and 72% anticipating long-term increases [6]. - To cope with cost pressures, 85% of surveyed companies have already raised or plan to raise their prices, with an average expected revenue decline of 18% over the next two years [6]. Group 5: Renminbi Internationalization - Standard Chartered's Renminbi Global Index (RGI) has shown a continuous upward trend, reaching a high of 5167, with an 8.3% increase since the beginning of the year [7]. - The stability of Renminbi in trade settlements, maintaining a 30.2% share in China's total goods trade, reflects its resilience in global trade despite tariff disruptions [7][8]. - Key positive factors for the internationalization of the Renminbi include the absence of significant depreciation and the lack of a substantial decline in global trade flows [8].

Core Insights - The Standard Chartered Renminbi Global Index (RGI) has risen to its highest level in eight months, reaching 5167, with an increase of 8.3% since the beginning of the year [1] Group 1 - The RGI has shown continuous growth in the first four months of 2025 [1] - Positive factors driving the offshore Renminbi market include stable capital flows in the northbound bond market, southbound stock market, and the consistent share of Renminbi trade settlement in goods trade [1]