The European Central Bank is preparing to discuss whether to begin laying the groundwork to add the Chinese yuan to its foreign-currency reserves.
Chinese officials expect this would be a big boost in their attempt to try to internationalize the Chinese currency.
Members of the ECB's Governing Council are due to discuss the possible addition of the renminbi to its foreign currency reserve basket at its mid-month meeting this week.
For more on the renminbi, we are joined on the line by Mike Bastin, Visiting Professor at China's University of International Business and Economics.
