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|Tuesday, May 08, 2001, updated at 15:26(GMT+8)|
Hong Kong, Experimental Spot for Opening-up of RMBAccording to the opinion of financial experts, experiment can be carried out for the opening-up of the capital account of Renminbi (Chinese people's currency) in Hong Kong.
As pointed out the opening-up of the capital account for RMB requires a high-level operation even though it is to be carried out under the system of managed floating exchange rate. So it's necessary to master the practical experiences in operation through step-by-step experiments.
As suggested recently by financial experts to conduct experiment of opening the capital account for RMB in Hong Kong is based on the following reasons: small amount of RMB has been allowed to be taken out from the inland to Hong Kong. Therefore, a cash exchange market has already come into being there, and the financial authority in the inland of China can in this way get both information of the demands for RMB and acquire some experiences in inflicting measures on market intervention through this market.
By PD Online staff member Deng Gang
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