Only a couple of months ago, Hong Kong bankers were worrying that the Chinese government may have developed second thoughts about its plan to transform the renminbi into an international currency.
The pace of reform had slowed, renminbi deposits were no longer accumulating rapidly in Hong Kong banks and there was growing evidence that cross-border trade in the renminbi was being hijacked by financial opportunists.
However, those concerns faded away over the past week. Speaking in Hong Kong last Wednesday, Li Keqiang, Chinese vice-premier, signalled that Beijing remained as determined to press ahead with the internationalisation of the renminbi.
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