As Chinese trade and investment grow, so does demand for the renminbi. China is seeking to ‘normalise’ its currency, working towards convertibility, increased use in global trade invoicing and settlement, and eventually international reserve currency status.

The internationalisation of the currency is planned in three phases, said Tu Yonghong, director of the International Monetary Institute at Renmin University. First, it will be used for international trade through China’s onshore hubs; then it will be used across Asia; and finally it will become a global currency.

Standard Chartered, which monitors seven offshore centres including Singapore and Hong Kong, estimates that global use of renminbi has already increased 20-fold since 2010.