Growth in the offshore yuan market will slow in the second half as expectations recede for further appreciation of the currency, Standard Chartered Plc said on Monday.

In the longer term, offshore yuan centers, including Hong Kong and Singapore, will maintain their momentum, as businesses shift from holding the yuan to speculate on its appreciation to actual use of the currency in their daily operations.

On Monday, the yuan weakened against the dollar for a second day to 6.137 yuan per dollar. It has appreciated about 1.5 percent year-to-date.