China Reiterates Gradual Stance on Loosening Yuan Controls

http://www.wsj.com/articles/china-reiterates-gradual-stance-on-loosening-yuan-controls-1434526471

Beijing has no immediate plans to announce full capital-account convertibility of currency
China reiterated Wednesday that further steps toward opening up its capital account with a fully convertible yuan would be taken only gradually.

China reiterated Wednesday that further steps toward opening up its capital account with a fully convertible yuan would be taken only gradually.PHOTO: BLOOMBERG NEWS

BEIJING—China offered a reminder Wednesday that it plans to lift capital controls gradually, even after it hosted International Monetary Fund officials this week who were looking for indications that Beijing will loosen curbs on its currency.

China has no immediate plans to announce full capital-account convertibility of the yuan, a senior Chinese foreign-exchange regulator said Wednesday. Such yuan convertibility would allow freer cross-border fund flows for financial transactions.

“Capital-account opening will be a gradual process,” Wang Yungui, a director of the State Administration of Foreign Exchange, said at a briefing.

Currently, the yuan is convertible on the current account, which covers trade, but there are still some restrictions under the capital account, which covers investments such as stocks and bonds and factories.

In recent months, Beijing has taken steps to open up its capital account. It has introduced a stock link that gives Hong Kong investors access to the Shanghai stock market. The country has also worked to increase foreigners’ access to local investments and Chinese access to those abroad.


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3 gedachtes over “China Reiterates Gradual Stance on Loosening Yuan Controls

  1. http://economictimes.indiatimes.com/markets/forex/yuan-edges-higher-on-central-bank-guidance-narrow-trading-expected/articleshow/47715611.cms

    SHANGHAI: China’s yuan rose marginally against the dollar on Thursday after the central bank fixed its official midpoint slightly stronger.

    The People’s Bank of China set the midpoint rate at 6.1126 per dollar prior to market open, 0.05 percent firmer than the previous fix 6.1158.

    The spot market opened at 6.2076 per dollar and was changing hands at 6.2091 at midday, 0.01 percent stronger than the previous close.

    Read more at:
    http://economictimes.indiatimes.com/articleshow/47715611.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

    SHANGHAI: China’s yuan rose marginally against the dollar on Thursday after the central bank fixed its official midpoint slightly stronger.

    The People’s Bank of China set the midpoint rate at 6.1126 per dollar prior to market open, 0.05 percent firmer than the previous fix 6.1158.

    The spot market opened at 6.2076 per dollar and was changing hands at 6.2091 at midday, 0.01 percent stronger than the previous close.

    The central bank has been using its daily fixing and ..

    Read more at:
    http://economictimes.indiatimes.com/articleshow/47715611.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

  2. http://economictimes.indiatimes.com/markets/forex/yuan-edges-higher-on-central-bank-guidance-narrow-trading-expected/articleshow/47715611.cms

    By Reuters | 16 Jun, 2015, 03.49PM IST
    6 comments |Post a Comment

    LONDON: The Bank of China will join seven others on the electronic platform that sets the gold price benchmark, the London Bullion Market Association said on Tuesday.

    BOC joins Goldman Sachs, UBS, Barclays, HSBC, Bank of Nova Scotia, Societe Generale and JP Morgan to set the gold price, administered by ICE Benchmark Administration, which replaced the century-old gold “fix” in March.

    The benchmark is widely used by producers, consumers and investors to trade and value t ..

    Read more at:
    http://economictimes.indiatimes.com/articleshow/47690240.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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