A banker based in Hong Kong, who did not want to be identified, said that the move suggests that the pace of yuan internationalization will accelerate in years to come.

International trade settled in yuan exceeded 2 trillion yuan ($317 billion) and foreign direct investment settled in yuan reached 110 billion yuan last year, according to the central bank.

The World Bank earlier said that China's growing role in global trade, the size of its economy and its role as the world's largest creditor mean that the renminbi's internationalization is "inevitable".

But acceptance of the renminbi as a major global reserve currency will depend on the pace and success of financial sector reforms and the opening of China's external capital accounts, it said.

"It is clearly the case that the Chinese authorities are pushing forward with the policy of internationalizing the yuan and its establishment as a global trading and reserve currency," said Andrew Heathcote, partner at international law firm Freshfields Bruckhaus Deringer.

"There are, however, a number of important issues that remain to be addressed before full convertibility can be achieved — such as the liberalization of interest rates," Heathcote said.

"In the near term I think we will continue to see further gradual loosening of the restrictions on the capital account and the continued promotion of the use of the yuan for international trade settlement. Full convertibility and the use of the yuan as a reserve currency is, however, much more of a long-term project," Heathcote said.

Contact the writer at wangxiaotian@chinadaily.com.cn