In a 62 page ‘RMB roadmap 2014’, see here, the authors present a detailed analysis of the emergence of the RMB, why it is internationalizing and the plan for RMB internationalization, covering:

1. Launch of RMB Deposit Accounts in Hong Kong 
2. 2. Use of the RMB as a Settlement Currency for Cross-border Trades 
3. 3. Use of the RMB as an Investment Currency and the Creation of an Offshore RMB Market  
   • CNH FX Markets Overview  
   • Offshore RMB Bonds  
   • Offshore Centers and Development of the Offshore RMB Market  
   • The QFII and RQFII Programs  
   • Shanghai-Hong Kong Stock Connect Pilot Program  
   • Offshore Onshore Convergence  
4. 4. The Provision of RMB Swap Lines between the PBOC and Other Central Banks
5. 5. Use of the RMB as a Reserve Currency.

The white paper then goes on to describe the Infrastructure in place, and what they think is coming next including an important table on how they think China’s capital account will open up between now and 2020:

This roadmap aims to illustrate the current state of the China’s currency and the major changes and challenges undertaken by the country while implementing new economics reforms, as well as the major instrument and programs implemented by the PBOC to promulgate RMB usage both regionally and globally.

Report thesis and conclusions

Mark Austen, CEO of ASIFMA comment, ““The thesis of the RMB Roadmap is that China's currency does not currently match its economic heft and it needs to go through a five-step process for this evolution: first, as a deposit currency internationally; second, through increased usage for trade purposes; third, as an investment currency; fourth, through central banks signing more bilateral swap agreements with the PBoC; and finally fifth, global acceptance as a reserve currency.”

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CTMfile take: This report is an important contribution to the debate on the future of the RMB and provides many interesting charts and analyses.