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PBOC: Free Convertibility of RMB is a Long and Medium-Term Goal
Realization of free convertibility of renminbi (RMB) under the capital account is a long and medium-term goal, which should be carried forward by taking cautious and practical attitude and proceed in an orderly way and step by step, Yan Haiwang, vice governor of the People's Bank of China (PBOC) said recently on the first Sino-Japanese Financial Seminar.
He said after China enters the WTO, the degree of difficulty and cost of regulation on foreign capital accounts will increase with the opening of the domestic financial market. All these require that China should make study on the convertibility of RMB under the capital account as soon as possible, he said.
Source: Panorama
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