So far China has been pursuing a three track currency program. The first track is domestic and is strongly controlled by the government, but China is starting to allow a degree of private sector influence on valuations as a signal to public sector prices, that is the second track. The third track is Hong Kong, where currency and futures trading is at a premium to prices in China. China could well be moving most of the foreign trade into the public track, but, for now, still has the government to government agreements.
See Renminbi internationalisation and China's financial development by Robert McCauley of the Bank for International Settlements. This was one of the reading assignments in Perry Mehrling's Money and Banking course.

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