Published by Mark Smith-HalvorsenChina's encouragement of exporters to invoice their overseas customers in the renminbi may be the first sign of a more open currency policy, according to Standard Chartered's Gerard Lyons.Writing for the Financial Times, the bank's head of global research and chief economist explained that the symbolic gesture between Brazil and China to settle more of their international payments in their native policy may be the start of a currency relaxation.The renminbi is not traded openly in international currency markets and is pegged against movements in the dollar. Since the onset of the financial crisis, many have accused China of keeping the currency artificially undervalued to boost export trade."Gradualism dictates the Chinese approach to most policy measures. The process is logical. Look at the theory, examine the pros and cons, debate the issue, implement slowly and observe. If the project works, roll it out," said Mr Lyons, adding that on this basis, there will be more to come.For more information on international payments, visit our Smart FX site