Policymakers in Beijing must be feeling warm and fuzzy these days. For years, they have railed against the dominance of the U.S. dollar in global trade and finance, complaining that it leaves the world at the mercy of erratic Washington politics and questionable economic management. China's leaders can only blame themselves for their heavy reliance on the dollar, but still, from Beijing's perspective, a world in which China's own currency — the renminbi — is a more potent force would be a more stable one for the country's development. Thus the recent news about how popular the yuan is becoming must be heartening. Earlier this year, a survey from the Bank for International Settlements showed that the renminbi entered the list of top 10 most traded currencies for the first time. And in early December, a report from financial-services firm SWIFT revealed that the renminbi had overtaken the euro as the second most used currency in global trade finance, with its share jumping from a mere 1.89% in January 2012 to a more respectable 8.66% in October. But Beijing shouldn't uncork the champagne bottles just yet. The same SWIFT report details just how far the renminbi still has to go to become a truly international currency. Nearly all the trade finance conducted in yuan was undertaken by businesses in China, Hong Kong and Singapore, showing that its use remains extremely limited. The dollar is the currency of choice in 81% of the world's trade finance, according to the SWIFT study. Nor has the renminbi gained much stature among the world's central bankers, who still prefer the dollar and euro. Central banks in countries as diverse as Chile, Nigeria and Malaysia have reported holding yuan in their portfolios, but its use as a reserve currency is overall infinitesimal. The hurdle facing the renminbi is both simple and not simple. Despite China's global clout in manufacturing and exports, in international finance it remains a bit player. That's because the government still imposes strict barriers between China's financial sector and capital markets and those(http://stats.wordpress.com/b.gif?host=world.time.com&blog=19871253&post=121740&subd=timeglobalspin&ref=&feed=1)