Bigger global role for RMB in 2013 (3)

"This year trade settlement in yuan can no longer propel growth of the offshore market as much as previously, if China doesn't open up capital account, development of the offshore market will be stagnant."

Global use of the yuan in trade settlement has moderated as shown by the first update to an index reading the currency's globalization, Standard Chartered Bank said in a news release on Monday.

The Standard Chartered Renminbi Globalization Index declined slightly to 732 in October from 735 in September.

"The pause in the general uptrend was partly due to the slowdown in yuan-denominated trade settlement, which had been a major contributor to the increase in the index in recent months," said Kelvin Lau, an economist at Standard Chartered.

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