China should quicken the pace of allowing financial institutions to issue renminbi bonds in Hong Kong as part of its moves to internationalize the currency and reduce reliance on the US dollar, experts said.

The central bank governor, Zhou Xiaochuan, yesterday signed a supplementary agreement with the Hong Kong Monetary Authority (HKMA) to strengthen regulations between the mainland and Hong Kong for the use of yuan in international trade settlement.

This was one of the first steps to promote the yuan in international trade and finance, experts pointed out, urging more such measures.