China’s economy is the second largest in the world and has become a key driver of global growth. Although the Chinese government is not yet prepared to open its economy to the free movement of capital and allow full convertibility of its currency, it has managed to push international use of the renminbi (yuan) to over 10% of China’s foreign trade volume within a span of four years. The globalization of China’s currency allows greater flexibility in payment transactions and investments for companies doing business in the Chinese market, working with Chinese partners, or planning to enter the market in China. A rapidly growing offshore market, primarily in Hong Kong, has made it easier to purchase renminbi at an offshore exchange rate (CNH), with cross-border trade also reaping the several benefits, such as reducing currency hedging expenses, lowering prices with a hedgeable and easily calculable currency risk.