The renminbi is "guesstimated" to comprise two per cent or more of central banks' portfolio holdings this year, roughly triple the level of only a couple of years ago.Peter Zöllner, head of banking department in the Bank for International Settlements, used a forum in Dar Es Salaam last week to ponder "the renminbi in the SDR basket and its future role in the international financial system."The presence of the renminbi in the portfolios of reserve managers "remains difficult to assess because of lack of data," Zöllner said. He then catalogued a couple of official family stabs at a measure."The BIS Annual Report last year guesstimated the share of foreign exchange reserves [held] in renminbi at one per cent. The IMF reported an even higher number of 1.1 per cent in 2014, up from 0.7 per cent in 2013."He said that "for this year, most surveys expect this share to continue rising, to about two per cent."Zöllner said the "renminbi's relevance in reserves managers' portfolios will evidently grow, even if the speed of that growth remains uncertain. This will be determined by a combination of domestic and international factors."For the renminbi to develop the status of reserve currency, much will depend on whether and how the Chinese authorities will continue to open up their markets and modernise their market infrastructure. It is reasonable to expect that the liberalisation of the last few years will continue, allowing even greater access to the renminbi both offshore and onshore. "