Despite being the world's second largest economy - China's currency is barely used in international trade or ever held by foreigners.
But that's starting to change. For the past three years China has been working on a strategy to internationalise its currency - the renminbi.
The country wants to create an offshore market for it and grow its use outside of mainland China.
But according to a new paper from Chatham house - technical problems and policy barriers could get in the way.
Paola Subacchi, Research Director in International Economics at Chatham House in London, told the Today programme that while the Chinese are taking steps to reform their financial system, it is a "gradual process" and could take up to 10 years.
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