USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

Yuan to steadily become convertible on capital account: central bank

Xinhua | Updated: 2017-03-28 09:06

BEIJING - China will steadily liberalize the yuan's use on the capital account, which makes the currency convertible for investment purposes, as part of the country's strategy to make the yuan a global currency, the central bank said on Monday.

The yuan's globalization is a long-term strategy that demands consistent and steady efforts, Yi Gang, the deputy central bank governor, told participants at an insider meeting.

China's economy is still proceeding on a stable track, he said, adding the market forces that drive the yuan's global use remain.

Efforts should be made to enhance the yuan's role in investment, reserves and financial transactions. When pushing for the currency's use in cross-border transactions, steady efforts should be made to make it convertible on the capital account, he said.

The central bank also underlined the importance of enhancing risk prevention and vowed to step up market supervision.

China has been pushing for the yuan's global use, as the world's largest trading nation looks to lower transaction costs in international trade, which is mostly settled in US dollars at present.

Making the yuan convertible on the capital account is essential to reaching this target. China currently makes its currency fully convertible on the current account for trade purposes, but is yet to fully open its capital account for investment purposes.

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US