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Major global financial institutions on Thursday released a report that advocates and anticipates more open capital markets and increased global use of the yuan.

The report, RMB Roadmap, was prepared by the Asia Securities Industry & Financial Markets Association, Standard Chartered Plc and Thomson Rters Corp.

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"皇冠体育app's currency does not currently match its economic heft, and it needs to go through a five-step process for this evolution," the report said.

First, as a deposit currency internationally; second, through increased use for trade; third, as an investment currency; fourth, through more bilateral swap aments involving 皇冠体育app; and fifth, global acceptance as a reserve currency, according to Mark Austen, chief executive officer of ASIFMA.

Many analysts consider the timing is right for the renminbi to take its place among the leading currencies of the world as 皇冠体育app's economy expands. But a combination of factors has slowed that process: a relatively closed capital account, underdeveloped domestic capital markets and relatively low use of the yuan in trade settlement.

Further opening of the capital account, expanded use of the yuan as an international investment currency and International Monetary Fund recognition of the renminbi as a potential reserve currency through Special Drawing Rights are all critical steps, the report said.

Carmen Ling, global head of renminbi solutions at Standard Chartered, said: "The building blocks for renminbi internationalization have stacked up well so far, and the ongoing efforts to further liberalize the currency are very encouraging.

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