China is speeding up yuan capital account convertibility and considering the launch of Qualified Domestic Institutional Investors" (QDII), allowing investors to invest in overseas markets, according to a report on yuan internationalization released by the People's Bank of China.

China will improve the Shanghai-Hong Kong Stock Connect Program and oversee a similar program linking Hong Kong and Shenzhen, the report revealed, adding that China allows non-residents to issue financial products other than derivatives on domestic market

The report says that the building of the China International Payments System will be accelerated, and the first phase of this project will be completed by the end of 2015. China is working to see the yuan included in the SDR currency basket, and supports foreign central banks and similar institutions which want to operate the yuan as a reserve currency of choice.