An official at the People’s Bank of China (PBoC) said that renminbi convertibility could be accelerated as demand for the currency grows, the Wall Street Journal reported. Speaking at a forum earlier this week, Xing Yujing, the deputy director general of the PBoC’s monetary policy department, said there was no timetable for full convertibility, but that demand was growing quickly. “If there’s demand from the market in order to facilitate trade and investment, the change may be quicker than we imagined before,” she said. China has come under increasing pressure to increase the flexibility of its currency policy. Despite allowing the renminbi to resume gradual appreciation in June 2010, economic planners still retain tight control over currency policy.
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