The increasing might of China over the past decade has not been reflected in its currency. In 2010, China's share of world trade was 11.4%, while the renminbi's share in world payments was a mere 0.24%. The currency's route to internationalisation look set to be more marathon than sprint.

The offshore renminbi bond market has seen a surge of issuance in the past year, with bankers predicting that 2012 will be even busier. This does not mean an easy ride for borrowers, however, with investors expecting higher yields as they no longer buy into the market solely on the basis of the strengthening currency.

China's onshore market has grown apace in recent years, driven by significant growth in its economy. Its increased size did not automatically lead to increased diversification, however, as the market remains dominated by government issues. Will new access rules and promising yields from corporate bonds lead to a more open market?

There seems to be something of an inevitability about the renminbi's rise to reserve currency and global dominance. However, there are mutterings that this ascents will be curtailed by China's development model, corporate governance and financial system.