Speaking on the sidelines of the Think Asia, Think Hong Kong conference in London on Tuesday, Norman Chan, chief executive of the Hong Kong Monetary Authority said he was content with the pace of internationalisation of the renminbi.

"The People's bank of China are very clear about where they are heading," he said. "When you come to the pace, I think the guiding principles are basically being incremental and gradual so you don't take a great leap forward, but a step at a time".

The developments