The rapid evolution of the renminbi into a truly global currency continues to grab headlines nearly every
month. New liberalisations are revealed almost every week. In March it was the news Paris had joined London
as the second non-Greater China city to get a renminbi qualified foreign institutional investor (RQFII) quota,
while Frankfurt became Europe's first city to gain a renminbi clearing bank. London followed a few days later.
These developments follow a host of other market reforms, as Beijing slowly sheds the veil of restrictions that
have obscured its financial markets from the outside world. Behind HSBC is Citi, the US bank which enjoys a
second placed ranking for the second year in a row, while Bank of China retains its third spot. Consistency of
service appears to be well-established in this relatively nascent market.
