The leadership of the Chinese Communist Party will discuss a proposal to end currency controls on the yuan by 2020, Bloomberg reported, citing an unnamed source. The promise – which would allow capital to flow freely between mainland China and the rest of the world – would be codified in the county’s 13th Five Year Plan, according to said source, but could also be cut from the final version. Zhou Hao, a senior economist at Commerzbank AG in Singapore, said opening the account would “serve the authorities’ goal to make China one of Asia’s financial hubs, along with traditional centers such as Hong Kong and Singapore.”
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