The bad news from HSBC last week was all too obvious. The good news was harder to spot. But at least one part of the group is going like a train: its renminbi business.

We have become so used to amazing growth statistics from China that is difficult to be surprised by anything these days. Even so, the rate at which the Chinese currency is being internationalised is extraordinary. According to Swift, the international banking network, renminbi is now the fifth most widely used payment currency in the world, up from 13th only two years ago.