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| Author: | Zhong, Wei |
| Title: | The system restriction of free convertibility of the RMB (original in Chinese) |
| Journal: | International Economics and Trade Research (c)
1996 : 6, p.46-49 |
| Index terms: | MONETARY SYSTEM FOREIGN EXCHANGE CHINA |
| Language: | chi |
| Abstract: | Free convertibility of the RMB is a long-term target of the reform of foreign exchange system in China. At present, there is a general optimistic expectation of reaching it in the year 2000 without fully considering the important restrictive factors in the course of achieving the target. The author analyzes the issues in 5 aspects, including the structure of interest rates, foreign exchange reserve and foreign exchange market and then points out that free convertibility of the RMB is decided by economic strength and economic mechanism. Since China is still in the stage of transforming its economic system and its per capita GDP is only several hundred US dollars, he thinks, the conditions for free convertibility of the RMB are not ripe now. |
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