The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.

Hong Kong's market for yuan investments is thriving, despite the fact that yuan currency appreciation has gone off the boil. Photo: Bloomberg

Not just about currency appreciation anymore

Most Hongkongers have experienced the yuan story in terms of their investments. Initially, this was in the form of stockpiling vast amounts of yuan on deposit at banks at a low interest rate.