Analysts said the opening-up of China's financial sector and the broader international profile of the yuan has increased the use of the currency.

"Expansion of the international use of the renminbi within the zone will significantly enhance the efficiency of the utilization of funds and boost cooperation between lenders and enterprises," said Dai Haibo, deputy director of the FTZ's administrative committee.

Shanghai FTZ to allow cross-border yuan payment for trade

China to expand cross-border yuan use

Chen Bo, a professor at the Shanghai University of Finance and Economics and head of the official FTZ institute, said the launch of yuan-denominated transactions on the Shanghai Gold Exchange will be a significant step toward the internationalization of the currency.

"Commodity trading, which is mostly handled by institutional investors, will generate much larger transaction volumes than cross-border yuan payment services," Chen said.

He said that similar policies for a wider range of commodities such as oil and other metals were in the pipeline. The futures market in the FTZ may also offer yuan-denominated settlements.

In November, the FTZ welcomed its largest financial company so far in terms of registered capital - the Shanghai International Energy Trade Center, with capital of 5 billion yuan ($820 million).

The organization is expected to be China's first foray into trading crude oil futures.

These efforts are intended to give China a larger voice in the pricing of global commodities. China's role in setting such prices doesn't yet match its massive demand for these products, Chen said.

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