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Speaking at the Chinese Economists 50 Forum, Cao Yuanzheng, chief economist of BOC International (China) Ltd, said that the yuan has been internationalized. For an example he pointed out the yuan is already regarded as local currency in Hong Kong.

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The currency is also gaining ground in neighboring countries, many of which are gradually recognizing the yuan as their clearing and trading currency, according to Cao.

However, government policies do not encourage the yuan's regional position, Cao said.

With the exception of Japan, China imports more from other Asian countries than export to them, meaning China has to pay to these countries.

Currently payments are in the US dollar, but heightened demand means that China's yuan could soon become the dominant currency in Asia.

Cao also suggested that the international currency system has problems and should be improved.

The Chinese Economists 50 Forum is a regular gathering of China's top economic experts. Their meetings are held around the country and this most recent meeting convened in Beijing.

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