Yuan set to play bigger global role

The Chinese currency, the renminbi, is beginning to play a bigger role globally and that will push its value up in the long run, experts said.

"China's yuan has appreciated by 20 percent between July 2005 and February 2009. The currency even appreciated slightly against the dollar when most other emerging markets and other currencies fell sharply against the greenback during the financial crisis," said Zhai Peng, economist, Guotai Jun'an Securities.

"Unlike the Asian financial crisis in 1997 when the Chinese government intervened to hold the renminbi's value against depreciation, it has become much more market oriented ever since China launched the reform of its foreign exchange mechanism in July 2005," Zhai noted.