Three days ago I was struck by this article:
China to back London as offshore yuan hub
http://www.marketwatch.com/story/chi...-ft-2011-09-07

Yesterday there was a comment on it:
Analysts skeptical about yuan convertibility
http://www.tradereform.org/2011/09/a...onvertibility/

A few months ago, Singapore was also involved:
Singapore Has a Leg Up In Trading-Hub Race
http://online.wsj.com/article/SB1000...728891436.html

Singapore can be offshore yuan centre, but won't surpass Hong Kong
http://www.reuters.com/article/2011/...7FB0GW20110411

What implications will there be, if China expands to Singapore as its second yuan trading hub after hongkong?
http://www.marketcrunch.net/question...after-hongkong

And so on, you can google and find other articles. I know nothing about forex, although it fascinates me. However, it seems to me that something is boiling. Not surprisingly, I would say.