Exhibit A: China sets up renminbi currency swaps with six nations. Exhibit B: the State Council announces plans to allow firms in five cities to settle cross-border trade deals in China’s currency. Exhibit C: Donald Tsang, Hong Kong chief executive, says Beijing will support the issuance of renminbi-denominated bonds in his city in various ways.

Commentators have seized on such developments as evidence of China’s determination to internationalise the renminbi, following the central bank governor’s remarks about finding an alternative to the dollar as the default reserve currency.