Late last month, a large French business delegation arrived in Hong Kong, headed by the governor of the Banque de France.

Its task was to convince bankers and companies that Paris was going to play an important part in one of the great currency stories of our time: the internationalisation of the renminbi. Days later, London stepped up its own efforts to secure a starring role, holding a renminbi forum hosted by the UK Treasury.

While Hong Kong remains the global hub for international trading and transacting in the Chinese currency, there are many would-be suitors to the second spot. London currently leads the race, with Singapore and Taipei vying for a place on the podium. Becoming a renminbi hub, the logic goes, will bring business and create jobs in the finance sector as the redback gradually gains its place as a truly global currency.