Renminbi becomes popular as more offshore centers take shape

The Chinese mainland is turning to more partners around the world to launch the next phase of yuan internationalization, with each partner selected to play a role.

After Hong Kong was given an eight-year head start as an offshore business center for the yuan, recent developments in the use of the currency in Singapore, Taiwan and London have been "very encouraging", said Peng Xingyun, a researcher and financial specialist at the Chinese Academy of Social Sciences.