World is opening up to yuan, bankers say

The yuan's internationalization is accelerating and China's "One Belt, One Road" initiatives will stimulate overseas demand for the currency, top Chinese bankers said on Thursday.

Chen Siqing, president of Bank of China Ltd, said at a media briefing in Beijing that the level of internationalization of the renminbi increased rapidly last year and the currency assumed a more prominent role in the capital markets.

The Offshore Renminbi Index, a tracker designed by BOC to reflect the currency's presence in global trade and investment, climbed 29 basis points from a year earlier to 1.2 percent during the fourth quarter of 2014.