The global banker’s lexicon expanded last year with three new terms: “redbacks” (offshore deposits of renminbi tradable in Hong Kong); “dim sum bonds” (bonds denominated in offshore renminbi); and “synthetic RMB bonds” (bonds denominated in offshore renminbi but paid in US dollars). Last month, the first renminbi-denominated initial public offering was launched in Hong Kong.

There is no record yet of swap-driven renminbi bonds (proceeds swapped into a different currency) but these may not be far behind.