According to the Society for Worldwide Interbank Financial Telecommunication, a global financial transaction messaging service provider, Hong Kong is involved in 80 percent of the world's renminbi settlements.

But Chan said that in coming years, Hong Kong might not maintain such a high status, as other global cities will be competing for their share.

"Many people asked me if Hong Kong is worried that more cities joined the league. My answer is no, because we expect the cake to be bigger and bigger, and Hong Kong will surely share more," Chan said.

Moreover, each offshore center could focus on its own customer base, Chan said. For example, London has an advantage in dealing with European clients.

Kelvin Lau, a senior economist with Standard Chartered Plc, said that in the longer term, both Hong Kong and Singapore could maintain their offshore yuan centers, as businesses shift from holding the yuan as a speculative investments to actually using the currency in daily operations.

For now, although individual holdings of yuan in Hong Kong have slowed due to a pause of appreciation, real corporate demand has been strong, Lau said.

Chan also disclosed that the People's Bank of China is likely to scrap the 20,000 yuan-a-day limit on currency conversion for Hong Kong residents, as the cap, which was imposed in 2004, has limited the development of Hong Kong's yuan-denominated wealth management products.