When the International Monetary Fund (IMF) announced in 2015 that it would include the Chinese renminbi (RMB) as a reserve currency in its Special Drawing Rights (SDR) basket the following year, it raised expectations that the RMB could establish itself as a reserve currency relatively quickly.

Progress has been slow so far, but we believe the RMB's march to reserve currency status is on course and will accelerate with the gradual opening up of its domestic bond market. It's time for a reality check.