Opening of non-convertible items promised
Print Edition
CHINA will continue to reform the capital market to better serve the economic development, a central bank official said yesterday.
“China will further open up some non-convertible items under the capital account, and those already convertible will see trading more liberalized,” Pan Gongsheng, deputy head of the People’s Bank of China, said at the Lujiazui Forum in Shanghai.
Two-way openness will be promoted in the financial market, with increasing product supplies such as China Depositary Receipts, Panda bonds and commodity futures, said Pan, who also heads the State Administration of Foreign Exchange.
Rules on qualified institutional investors will be improved and the scope of connectivity programs will be widened, he said, adding that China will support domestic financial institutions to better engage in the global market.
Pan promised to allow the market to play a decisive role in the exchange rate formation mechanism and push for global use of the yuan.
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