Renminbi's global use set to expand

China's renminbi is expected to continue its steady rise in global use and play a bigger part in safeguarding international financial stability, as the country further advances its financial opening-up while deepening trade and investment cooperation, experts said.

Their comments follow a report released on Friday by the People's Bank of China, the central bank, saying that the renminbi has played a growing international role in payment, investment, financing and foreign exchange reserves.

The renminbi internationalization composite index — a gauge created by the central bank to describe the extent to which a currency is internationalized — rose to 2.86 in the first quarter of the year, up 14 percent year-on-year, the report said.