In September, the Industrial and Commercial Bank of China was designated as a clearing bank for renminbi transactions in Argentina, facilitating bilateral trade and investment.

Further progress was made in October with the launch of the China International Payments System (CIPS), supervised by the People's Bank of China. The CIPS allows 19 Chinese banks and 176 financial institutions around the world to clear cross-border renminbi payments.

However, despite successes in Chile and Argentina, the renminbi's internationalization process is slower in some other countries.

Take Mexico as an example. With over 70 percent of Mexico's foreign trade done with the United States and due to the presence of the North American Free Trade Agreement, the entry barrier for American firms is far lower than that for their Chinese competitors.

According to Enrique Dussel Peters, director of the China-Mexico Studies Center at the National Autonomous University of Mexico, this situation has prevented the renminbi from taking as much hold in the country.

"Next to other countries in Latin America, Mexico is not seen as an immediate investment destination in China. Companies and ambassadors alike need to work to show that...Mexico has the capacity to allow Chinese companies, such as Huawei, to flourish," Peters said.

"Mexico has major infrastructure needs that China's experience will be valuable in meeting. Once this situation changes, the People's Bank of China may be more likely to open a clearing bank for renminbi transactions in Mexico," he added.

However, for Peters, this will not change soon, as the renminbi is expected to have very little impact on Mexico in the short and medium term.

"I do not see Mexico's central bank including the renminbi in its foreign reserves. While China is Mexico's second-largest trading partner, it is still far behind the United States, on which we are dependent," he said.