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Progress in liberal capital account possible
By Feng Jianmin |
September 13, 2012, Thursday
|
Print Edition
Print Edition
CHINA could make a "significant breakthrough" in liberalizing the capital account by 2015 if the international economic condition is normal, a former central bank governor said yesterday.
"China has conditions to make a significant breakthrough in the next three to five years given a normal global economic situation," said Dai Xianglong, chairman of the National Council for Social Security Fund and central bank governor between 1995 and 2002.
Speaking at the Summer Davos Forum in Tianjin yesterday, Dai said that China should increase the quota allocated to qualified foreign institutional investors, expand yuan settlement, and raise the limit on the amount of shares foreign investors can hold in a single company.
Meanwhile the State Administration of Foreign Exchanges said in a report yesterday that the yuan's exchange rate is near an equilibrium. The yuan has slipped 0.4 percent against the US dollar since the beginning of this year, halting a one-way climb of 30 percent against the greenback since 2005.
The People's Bank of China set the yuan's exchange rate at 6.3355 per US dollar yesterday, the strongest since August 24, after Premier Wen Jiabao voiced confidence in the domestic economy and hinted of more monetary and fiscal measures to bolster growth.
The yuan can trade 1 percent on either side of the central parity rate.
During daily trading yesterday, the yuan firmed 0.14 percent to 6.3264 per US dollar, according to data from China Foreign Exchange Trade System. It briefly touched 6.3225, the highest since May 16.
Bank of America Merrill Lynch said in a report yesterday that the yuan may weaken in the short term over domestic economic pressure, but the currency still has a potential to rise in the long run.
"China has conditions to make a significant breakthrough in the next three to five years given a normal global economic situation," said Dai Xianglong, chairman of the National Council for Social Security Fund and central bank governor between 1995 and 2002.
Speaking at the Summer Davos Forum in Tianjin yesterday, Dai said that China should increase the quota allocated to qualified foreign institutional investors, expand yuan settlement, and raise the limit on the amount of shares foreign investors can hold in a single company.
Meanwhile the State Administration of Foreign Exchanges said in a report yesterday that the yuan's exchange rate is near an equilibrium. The yuan has slipped 0.4 percent against the US dollar since the beginning of this year, halting a one-way climb of 30 percent against the greenback since 2005.
The People's Bank of China set the yuan's exchange rate at 6.3355 per US dollar yesterday, the strongest since August 24, after Premier Wen Jiabao voiced confidence in the domestic economy and hinted of more monetary and fiscal measures to bolster growth.
The yuan can trade 1 percent on either side of the central parity rate.
During daily trading yesterday, the yuan firmed 0.14 percent to 6.3264 per US dollar, according to data from China Foreign Exchange Trade System. It briefly touched 6.3225, the highest since May 16.
Bank of America Merrill Lynch said in a report yesterday that the yuan may weaken in the short term over domestic economic pressure, but the currency still has a potential to rise in the long run.
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