Former central bank governor expects full yuan convertibility by 2015

China will probably make the yuan a fully convertible currency as soon as 2015, Dia Xianglong, former central bank governor and current chairman of the National Social Security Fund, said in a panel discussion, South China Morning Post reported. “If nothing unusual takes place, there will be a breakthrough in three to five years,” Dai said Wednesday during a panel at the World Economic Forum in Tianjin. “The decision will hinge on the global economy,” he added. Dai is the first senior mainland official to give a public timeline on China’s currency convertibility; until now, officials have said liberalization will occur when the time is right. “The forecast by Dai was bold, but he is no longer the one who calls the shots,” said an unnamed Shanghai businessman.