Banking multinational Standard Chartered said on February 10 that its Renminbi Globalization Index (RGI) ended at 1,377 in December 2013, up 84.1 percent year on year, driven by rising deposits and cross-border payments.

Expansion of new offshore centers, a further policy push and appreciation of the Chinese currency renminbi, or yuan, will remain as key drivers for the index this year. "We expect the RGI to increase another 60 percent to reach 2,200 by year-end," the bank said in a statement.

Standard Chartered launched the RGI in November 2012, which is the first industry benchmark that effectively tracks the progress of renminbi business activity. The RGI's base value is 100 and was set on December 31, 2010. The index covers the top four markets in offshore renminbi business—namely China's Hong Kong and Taiwan, London, and Singapore.