Support builds for crucial renminbi move

Later this year, the International Monetary Fund will decide whether to include the renminbi in its Special Drawing Rights - a "virtual currency" made up of a basket of other currencies.

If this happens, RMB use around the world is set to soar. Automatically, all central banks would become holders of RMB exposure through their SDR assets, and official reserve currency status would spur those central banks that have not already done so to invest part of their reserves in RMB.

There would be significant RMB hedging activity by some international institutions such as the African Development Bank and Bank of International Settlements, whose balance sheets of over $300 billion combined are denominated in SDR.