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China takes time for yuan's full convertibility
By Wang Yanlin |
December 17, 2012, Monday
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Online Edition
Online Edition
CHINA is on course to gradually make the yuan fully convertible, but it will take long time and doesn't mean unrestricted capital account opening, People's Bank of China governor Zhou Xiaochuan said today.
"We are not saying we will have 100 percent convertibility or no supervision from the regulator," Zhou told a forum in Sanya in the island province of Hainan.
"It is wrong to consider capital account opening is equal to the full convertibility of the currency, freedom of cross-border fund transfer and zero supervision," said the central bank chief.
Zhou said China should reserve the right to monitor and restrict capital flows in some sensitive areas, especially in fending off speculative fund, also known as hot money.
"We are not saying we will have 100 percent convertibility or no supervision from the regulator," Zhou told a forum in Sanya in the island province of Hainan.
"It is wrong to consider capital account opening is equal to the full convertibility of the currency, freedom of cross-border fund transfer and zero supervision," said the central bank chief.
Zhou said China should reserve the right to monitor and restrict capital flows in some sensitive areas, especially in fending off speculative fund, also known as hot money.
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