The survey found that of 850 global public investors, some 30 percent plan to expand their renminbi holdings over the next 12 to 24 months, while 70 percent aim to increase their RMB involvement in the long term.

David Marsh, chairman of the think tank, said, "Although it still lags far behind the US currency, and is still not fully convertible, in some important ways the renminbi has come of age as a reserve asset."

Amid buoyant demand, the HKMA will also further enhance the competitiveness of Hong Kong's offshore RMB market in several respects, such as liquidity, product offerings, wider use and market infrastructure.

The renminbi's journey to internationalization started with the currency being used for cross-border trade settlement and was later expanded to direct investment. The launch of the bond and stock market connect programs in 2014 saw wider use of the currency in cross-border financial investment. Pilot plans on a limited scale, allowing investment in the onshore market to be conducted in RMB, were introduced early in 2020.

Yue said, "In terms of renminbi liquidity, we will work closely with our mainland counterparts to broaden cross-boundary flow and use of the RMB, for example, through the continued expansion and refinement of the bond and stock connect programs as well as Wealth Management Connect."

He added that the HKMA would also promote development of offshore renminbi-denominated financial products in Hong Kong.