Following the 2007–08 financial crisis, Chinese authorities sought to actively wean off of its dependence on the U.S. dollar as a result of perceived weaknesses of the international monetary system. To achieve those ends, China took a series of actions to further the internationalization of the Renminbi. In 2008, China established dim sum bond market and expanded the Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity. This was followed with bilateral agreements to settle trades directly in renminbi with Russia, Japan, Australia, Singapore, the United Kingdom, and Canada. As a result of the rapid internationalization of the renminbi, it became the eighth-most-traded currency in the world, an emerging international reserve currency, and a component of the IMF's special drawing rights; however, partly due to capital controls that make the renminbi fall short of being a fully convertible currency, it remains far behind the Euro, Dollar and Japanese Yen in international trade volumes.