Citibank, HSBC and some other global banks have increased their manpower and coverage of their renminbi businesses, including solutions in the capital market and hedging operations, because of their increasing optimism with the Belt and Road Initiative's role in promoting renminbi's internationalization through increasing the amount of global trade.

According to Society Worldwide Interbank Financial Telecommunication, the banking industry expects that the renminbi’s internationalization will continue in line with the expanding of Chinese enterprises worldwide, notwithstanding that the renminbi's ranking among the global payment currencies dropped for the first time in the past two years from fifth to sixth in June.

The Citibank predicts that the demand for renminbi will surge as its customers increase their operations in the countries along the Belt and Road routes, Reuters reports.

Citibank plans to deploy another 26 employees to the eight key trade corridors of the Belt and Road Initiative in one year. Standard Chartered Bank builds its core project team in China for businesses related to the Belt and Road Initiative, as well as supporting teams in countries along the routes of the Belt and Road.

HSBC said it will rely on its 24 departments on the Chinese market to strive for larger market shares of the paid products and services related to the Belt and Road Initiative, using renminbi for quoting prices and settling accounts.