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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.
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