There's been no shortage of column-space devoted to the so-called arguably undervalued renminbi (RMB) - or yuan - which many observers, feel should be valued at a significantly higher rate. The RMB's value is kept down because it is the currency of a command economy, and Beijing has habitually kept a tight control over its currency flows, to better manage growth and stave off inflation.
But amid pressure building on China to loosen its currency policy, signs of a new mindset are emerging, and the most conspicuous of these in Hong Kong is the fledgling 'Dim Sum' bond market.
This is the general term for RMB-denominated bonds issued in Hong Kong, the first offshore market for Chinese currency investments. The bond programme was launched in 2009 and expanded in 2010 to allow for more corporate issuers - and the market has soared ever since.
Now the Dim Sum bonds phenomenon is going international. Beijing has hinted at two more offshore RMB trading centres - London and Singapore. No one doubts that Hong Kong is unrivalled in its role as the premier RMB offshore centre. But who will become number two? Singapore is pitching itself against London for the honours.
'As the only international financial centre in [Southeast Asia], the RMB services in Singapore cover the entire [Southeast Asian] population of over 500 million,' Singapore-based Xie Dongming, an analyst at Overseas Chinese Banking Corporation (OCBC), told mainland reporters recently.
'Moreover, Singapore - as the second-largest Asian foreign exchange transaction centre after Tokyo, as well as having an influential global private bank, assets management, and a staple commodity exchange centre - possesses mature foreign exchange experiences and talent resources. This is exactly its advantage in becoming an RMB offshore centre and, in return, expanding RMB trades to the international arena,' Xie added.
As early as July 2009, when a pilot plan for the RMB cross-border trade settlement service commenced, Singapore has been angling for greater RMB offshore-market-development action.