The top five countries using the yuan for trade finance were China, Hong Kong, Singapore, Germany and Australia.

Bankers believe CIPS will make automation possible, bringing costs down, making using the yuan more attractive for companies.

According to bankers, more than 50 foreign central banks have started using the yuan or keeping it as part of their foreign reserves.

It's not clear that China's offer of using the yuan to settle trade with Russia by expanding a currency swap arrangement will help very much.