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| Author: | Chen, Caihong |
| Title: | On the free convertibility of Renminbi (Original in Chinese) |
| Journal: | Economic Problems (c)
1996 : 6, p.22-27 |
| Index terms: | CURRENCY FOREIGN EXCHANGE CHINA |
| Language: | chi |
| Abstract: | The controlled free convertibility of RMB under the current account shows that totally convertibility of RMB should be achieved gradually and selectively, which can ensure the strong control of economy as a whole by macro administration and avoid abnormal fluctuations during the formation of new systems. Nothing is more important than the central bank's capacity of regulation and control and the actual economic operation as a whole. Convertibility of RMB will inevitably come to involve capital items, but under the capital account, convertibility should also start with the "controlled" one. |
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