Talk of the renminbi is often littered with references to water: there are lakes and rivers, bridges and pipes, valves and dams, and pools and puddles. And the project to make the Chinese currency international requires some highly skilled plumbers to make sure that the money does not flood into, or out of, mainland China.
The Chinese authorities have put the renminbi on a path to internationalisation and are gradually allowing the currency to become more available offshore. For now, strict controls remain in place but one day the controls may be removed so that there is no distinction between onshore and offshore renminbi and the currency will be used as freely and easily as the US dollar. As the project moves into the next stage of transition, there is debate about the best way to bring new financial centres into the plumbing system.
