Unwittingly, the largest banks in the European Union contribute to the Chinese yuan's internationalization. According to the statistics, the volume of renminbi-denominated bonds from European banks has reached a record level of $2.7 billion so far in 2015. The result is five times more than over the full year of 2014. The trend of rapid growth in issuance moves the yuan closer to to its main goal - internationalization. “The renminbi is a currency that a lot of people are very interested in. They see it as a significant future growth market. For banks, it’s a good idea to establish their name early in that market and get investors familiar with that credit. What we’ve seen this year is an increased ability to issue a wider range of bond structures, such as tier 2,” said Christoph Hittmair, global head of financial institutions debt capital markets at HSBC. On the other hand, one increase in volume is followed by other ones. Keeping watch over European counterparts, bankers from Australia to the United States are also increasing sales volume of renminbi-denominated bonds. Investors' close attention to higher risk products is explained by particulary low interest rates. In addition, the People's Bank of China has earlier expressed its readiness "to allow a wider range of foreign financial institutions to place bonds denominated in yuans in Mainland China." Thus, China's authorities are trying to push things on including the Chinese yuan in the IMF’s SDR basket. SDR (special drawing rights) is the monetary unit used in calculations with the International Monetary Fund.
