Bankers see renminbi on rising road

Major global financial institutions on Thursday released a report that advocates and anticipates more open capital markets and increased global use of the yuan.

The report, RMB Roadmap, was prepared by the Asia Securities Industry & Financial Markets Association, Standard Chartered Plc and Thomson Reuters Corp.

"China's currency does not currently match its economic heft, and it needs to go through a five-step process for this evolution," the report said.