For a currency that is still largely controlled by the state and grants its holders few investment options, the renminbi has attracted a remarkably large band of suitors around the world.

London, Luxembourg, Paris, Frankfurt and Zurich have all styled themselves as the rightful European trading centre of the Chinese currency. Vying for the Asian crown are Hong Kong, Singapore, Taipei and Sydney.

With practised skill, Beijing has made each of the renminbi’s suitors feel special in turn. In the past month alone, the Chinese central bank established an Rmb350bn ($57bn) currency swap line with the European Central Bank, granted London an Rmb80bn quota for investing the city’s renminbi assets in Chinese markets and then awarded Singapore a similar, if slightly smaller, Rmb50bn package.