Would the renminbi be faring better if it were universally known as the redback? One year on from the devaluation that shocked markets, offshore deposits in the Chinese currency have fallen by a quarter, with its share of payments down more than a third.

The chances are that these falls are cyclical and not directly linked to the currency’s name. But Eurodollar, as the offshore dollar market is known, rolls off the tongue, unlike offshore renminbi , and traders like catchy names.

For those who think China’s rise as a world economic power will continue, internationalising the renminbi is a long-term economic play as well as Beijing policy. Like the Eurodollar market, which developed outside the US in the postwar period, its use will ultimately be determined by demand outside its home country. Along the way, however, the renminbi will be buffeted by events.