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Internationalization of China's currency has gained momentum lately, such as the launch last week of offshore futures contracts deliverable in yuan by Chicago-based exchange operator CME Group Inc.

Financial hubs London, Singapore and Hong Kong have become centers for transactions denominated in yuan since the People's Bank of China in July 2009 introduced plans to make the currency a bigger player in world markets.

In Asia, Citibank Singapore reported strong growth in offshore yuan-related business. This includes, over the past two years, a doubling of new accounts denominated in the Chinese currency and its increased use in processing payments.

In February, China named...

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