Latest News:  
Beijing   Light snow/Overcast    -1 / -6   City Forecast

People's Daily Online>>Opinion

Greater say needed on yuan's convertibility

By Wang Xiaotian (China Daily)

11:58, January 07, 2012

Zhou Xiaochuan, the governor of the People's Bank of China, at a conference last December. (Photo/China Daily)

BEIJING - China won't refuse to make its currency increasingly convertible under the capital account, but the country needs a greater voice in defining "full convertibility" globally, said Zhou Xiaochuan, the governor of the People's Bank of China (PBOC).

"Because the International Monetary Fund (IMF) currently doesn't have specific standards on convertibility under the capital account, the definition of 'full convertibility' is discussable," said Zhou in an article published on Friday in the latest issue of China Finance Magazine, which is run by the PBOC.

Therefore, the standards should be more flexible and China should participate in formulating methods to measure a currency's convertibility under the IMF framework, he said.

Earlier this week Zhou said that the yuan will be freely convertible soon. "Now, we are not too far away from our goal of convertibility," he was quoted as saying by

The official Chinese timeframe for the realization of full convertibility of the yuan is prior to the end of 2015.

Zhou added that currency convertibility doesn't mean giving up control of cross-border financial transactions, and said that it is reasonable to curb speculative capital flows when the international market registers unusual volatility.

"Convertibility should be based on the necessary management of the country's foreign debt. Yuan convertibility doesn't mean that anyone can borrow money in the global market freely."

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Here be dragons

  2. 'Cradle of Chinese Buddhism' embraces world

  3. Surface area of Poyang Lake shrinks to less than 200 square km

  4. U.S. Navy rescues 13 Iranians taken hostage by Somali pirates

Most Popular


  1. Greater say needed on yuan's convertibility
  2. Much ado about new stamps and dragons
  3. China takes frank, open stand on Myanmar issue
  4. Pentagon plan changes game in Asia
  5. Will Japan's economy recover in 2012?
  6. It is the China naysayers who are doomed to fail
  7. Common development with neighbors
  8. Japan's case of flawed priority
  9. Move to send 'alarming signal' across Asia
  10. EU's airline carbon tax may backfire

What's happening in China

Diplomat: China stresses ties with neighbors

  1. Writers set to take on Apple in copyright fight
  2. China to share housing info online
  3. Homicide, robbery suspect wanted
  4. Swill oil found in no city restaurants
  5. Buffett to welcome Chinese New Year in song

PD Online Data

  1. Traditional Mooncakes
  2. About Mooncakes
  3. History of Mooncakes
  4. Modern Mooncakes
  5. Legends of Mid-Autumn Festival