More policies to support cross-border use of renminbi

China is likely to issue more supportive measures to encourage cross-border use of the yuan amid growing global demand for the currency, said an industry insider.

Such measures include a larger quota for renminbi qualified foreign institutional investors, fewer restrictions under the capital account, and more freedom for global yuan investments by individuals, said Cheng Jun, general manager of the Corporate Banking Unit of Bank of China.

"We are still not sure of the timetable and details of such policies, but we think this will be the next step taken by the central bank," said Cheng.