Central bank warns of capital flows (3)

"China has relatively strict capital control and thus won't be much affected by the fluctuation of capital flows," Quah said.

Zhou Xiaochuan, governor of the People's Bank of China, said on Saturday at a conference that convertibility will be the next step in reforming the country's exchange-rate system.

"We are moving in this direction. We need to go further and will have some deregulation."

Li Ruogu, chairman and president of the Export-Import Bank of China, said internationalization of the yuan is not necessarily based on fully opening up the capital account.

Contact the writers at wangxiaotian@chinadaily.com.cn and chenjia1@chinadaily.com.cn

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