Related News
Guo: Time is ripe for yuan's full convertibility
By Louise Ho |
May 17, 2012, Thursday
|
Online Edition
Online Edition
A fully convertible yuan will benefit China's development and help rebuild order in the global finance system, China's top securities regulator said yesterday.
"We have an excellent opportunity to carry out the strategy of realizing yuan's convertibility, which won't be far away," said Guo Shuqing, chairman of the China Securities Regulatory Commission, at a conference in Beijing.
China has made remarkable achievements in the convertibility of its capital market and currency market, he said, noting that 16 of its capital items are convertible; 17 are essentially convertible; seven are partially convertible and no items are unconvertible.
"China's capital account is far more open than it is evaluated by institutions such as the International Monetary Fund," he said.
But Guo stressed that a convertible capital account does not mean there will be no capital control. "The concept of 'complete convertibility' does not exist in reality," he said, adding that countries in different phases of development have to make their own policies based on actual conditions.
Zhou Xiaochuan, governor of the People's Bank of China, also spoke at the conference, saying China will gradually relax its restrictions on foreign investment.
"We have an excellent opportunity to carry out the strategy of realizing yuan's convertibility, which won't be far away," said Guo Shuqing, chairman of the China Securities Regulatory Commission, at a conference in Beijing.
China has made remarkable achievements in the convertibility of its capital market and currency market, he said, noting that 16 of its capital items are convertible; 17 are essentially convertible; seven are partially convertible and no items are unconvertible.
"China's capital account is far more open than it is evaluated by institutions such as the International Monetary Fund," he said.
But Guo stressed that a convertible capital account does not mean there will be no capital control. "The concept of 'complete convertibility' does not exist in reality," he said, adding that countries in different phases of development have to make their own policies based on actual conditions.
Zhou Xiaochuan, governor of the People's Bank of China, also spoke at the conference, saying China will gradually relax its restrictions on foreign investment.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
