Currency goes global with offshore yuan index

Bank of China Ltd rolled out a new index on Tuesday that tracks the development of offshore yuan as part of its pledge to build up strength overseas to cash in on the yuan's globalization.

The index tracks the yuan's offshore indicators, including the amount of deposits, loans and trading volume, to reflect the currency's level of involvement in global trade and investment.

At the end of 2013, the index's reading was 0.91 percent, representing the yuan's market share in the entire global financial market. In comparison, the reading for the US dollar, the euro and the British pounds was 48.17 percent, 25.2 percent and 5.91 percent, respectively, using the same methods of calculation.