China continues to internationalize the Renminbi (RMB) for use in trade and investment. The People's Bank of China is weighing steps to allow Singapore to develop into a second RMB trading center and to permit Chinese banks to become more active in overseas markets. According to reports, seven percent of China's international trade was in RMB in the first quarter of 2011, up from 0.5 percent a year earlier. The Bank's target is reportedly to enable all importers and exporters to settle trade in RMB by the end of the year.