The Chinese government is committed to transforming the renminbi (RMB) into a leading global currency. While the goal is clear, the rate of progress depends on a delicate balancing act between simultaneous reforms of the capital account, the mechanisms for allocating capital and the severity of market volatility.

Already, there has been a procession of measures to internationalize the currency and benefit multinational corporations.

"The moves China is committed to are all really positive. It's just a question of which of them happens first," says Evan Goldstein, Global Head of Renminbi Solutions at Deutsche Bank. "You have to be careful which reform to go after and what the pace of reform will be, when you are most concerned about domestic employment, growth in GDP and the need to shift from an investment-based to a consumption-based economy."

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