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Last updated at: (Beijing Time) Monday, March 11, 2002

Conditions Not Ripe for RMB's Total Convertibility: Dai Xianglong

Conditions are not yet ripe for the total convertibility of China's currency, Renminbi yuan, said central bank governor Dai Xianglong Monday. The total convertibility of yuan should be a gradual process, said Dai at a press conference sponsored by the on-going Fifth Session of the Ninth National People's Congress.


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Conditions are not yet ripe for the total convertibility of China's currency, Renminbi yuan, said central bank governor Dai Xianglong Monday. The total convertibility of yuan should be a gradual process, said Dai at a press conference sponsored by the on-going Fifth Session of the Ninth National People's Congress.

The total convertibility of a currency calls for three conditions -- strong national strength, convertibility under capital account, and a stable monetary system. In this regard, Dai said, China does not have the conditions at present.





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