In spite of existing restrictions, the international use of the Chinese currency has already risen very quickly, albeit from a low base. The volume of Chinese goods trade settled in renminbi increased from virtually zero in early 2010 to 15% at the end of 2013.
In parallel, the use of renminbi-denominated investment products, such as the issuance of offshore bonds in Hong Kong, has grown. Nonetheless, the outstanding amount of renminbi-denominated bonds only represents a small fraction of the global total.