China needs to address stability and liquidity issues before it can realize its plan to internationalize the yuan.
Central bank chief said China's goal to achieve the yuan's capital account convertibility doesn't necessarily mean 100 percent convertibility.
China will launch a pilot system to monitor cross-border capital flow, in a move seen as a new step toward yuan convertibility.
Bigger global role for RMB
As Chinese currency reform has become increasingly more critical, the big question on everyone's lips is - just how long will it be, before the RMB achieves full convertibility?
During the process of promoting renminbi internationalization, the renminbi settlement business for cross-border trade has shown powerful growth.
The validity of capital controls has been declining as financial opening up deepens and China needs to further open up its capital account.
A more efficient system should be in place to facilitate the increasingly wide use of the yuan in global transactions, according to a report by SWIFT.
The yuan is expected to appreciate further in the short-term due to China's stabilizing economy and quantitative easing in the United States.
China might, in the last two months of the year, further broaden the permitted fluctuation limits of the yuan to the daily mid-point set by the central bank.
Chinese individuals and institutions sold more foreign currency than they bought through Chinese banks in September on expectations for a stronger yuan.
A "renminbi bloc" has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan.
The Chinese yuan has increasingly become a reference currency for emerging markets in East Asia against the backdrop of an economic crisis in the West, two US experts said Monday.
Players in the nascent offshore yuan market are calling on the Chinese government to streamline its regulations, which are believed to pose a big barrier to attracting more participants.
Hong Kong banks are increasingly offering attractive renminbi (or yuan) deposit rates, which is expected to remain stable in the near term.
Malaysia's Maybank has opened its first branch in Beijing and given its firm support to the future use of the yuan in settling trade.
The global use of the yuan as a trade settlement currency is rising, and offshore payments are increasingly taking place outside Hong Kong.
The opportunities for Hong Kong's banking sector are vast, particularly in terms of the offshore renminbi market and asset management services.
In July, among the 158 countries that traded with the Chinese mainland and Hong Kong, 20 percent used the yuan for major payments.
Non-resident retail investors lapped up offshore yuan deposits and other products in Hong Kong, the first day of the launch of the service.
African central banks were given access to yuan-denominated bonds for the first time, an important development in the yuan's wider use globally.
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