Clifford Lee, head of fixed income at Singapore-based DBS Group Holdings Ltd, said: "So far the regulators in China seem to like the multi-clearing center situation. Because they like what they see, they're going to continue to roll out (more offshore yuan clearing banks). In the immediate future, you'll see that trend.

"Once a certain amount of flow is established outside China, it's very possible that they will start to consolidate," Lee said.

The regulators have wisely taken measured steps, looking at the reaction and the development before going the next step, Lee said.

He said it is the fundamental use of the yuan that is going to drive the offshore yuan market.

"The more you make the yuan relevant in terms of application, the faster the market will develop," he said.

Yuan internationalization has continued to grow in recent years on the back of strong policy support by the government and the creation of additional offshore yuan clearing arrangements and currency swap lines with overseas central banks.

The lack of offshore investment options has continued to drive the huge demand for yuan bonds.

As of June 26, total offshore yuan bond issuances had reached 276.2 billion yuan ($44.5 billion), compared with 280 billion yuan for the whole year 2013.

Lee estimated that offshore yuan issuance is likely to remain buoyant in the second half of 2014 and beyond.

In addition to increased issuance volume, more international issuers have tapped into the offshore yuan market, although Hong Kong issuers continue to form the bulk of the market.

Non-Asian corporates had issued 16 billion yuan worth of offshore yuan bonds by June 26, compared with 27.9 billion yuan last year, Lee said.

The People's Bank of China is preparing to launch the China International Payments System to replace a patchwork of networks and allow hassle-free yuan payments.

By developing and researching CIPS, China is building an expressway for the yuan to become fully convertible on the capital account.

The system is an infrastructure for the cross-border use of the yuan and will have a deep impact on the internationalization of the currency, said Li Bo, head of the Monetary Policy Department II of the PBOC.