- CNTV English - CCTV News

PBOC: China to further push yuan convertibility in 2013

12-21-2012 10:25 BJT

Watch Video

Play Video

At a financial forum in Beijing on Thursday, the deputy governor of the People’s Bank of China gave an outline of how China’s monetary policy will shape up in 2013. Li Dongrong also said China will steadily push for yuan convertibility under its capital account next year. He also vowed to boost the flexibility of the yuan’s exchange rate.

Yin Hang said, "The Central Bank deputy governor said on Thursday that it will speed up reforms in China’s financial sector in 2013. It’s also going to push forward the convertibility of the yuan under China’s capital account."

Li Dongrong, deputy governor of People’s Bank of China, said, "Currently, important reforms in China’s financial sector, such as the Renminbi convertibility under its capital account, have entered into key stages. The wider its impact goes, the more restraints it will stumble across. So we have to actively improve our overall planning in order to steadily push forward those reforms."

Li also said that China will embark on a fresh round of financial reforms in 2013, and the central bank will make China’s financial sector more innovative with lower risks.

China has gradually loosened its grips on its capital flows and actively pushed forward the marketization of the interest rate and exchange rate in the past decade.

Qianhai in Shenzhen city, which neighbours Hong Kong, has been picked as a testland for China’s financial opening up. The government has taken various steps to spur the international use of the yuan there.

Zhou Ziyou, deputy chief of Qianhai Administration Bureau, Shenzhen, said, "We will continue to increase a wider use of yuan in cross-border transactions in 2013, and work on boosting the convertibility of the yuan under the capital account. We will also make more innovations to forge closer ties between Shenzhen and Hong Kong in the area of capital and insurance cooperation."

Hong Kong has become a testbed for China to internationalize its currency. Experts believe that it will eventually pave the way for the yuan to become a fully convertible international currency.

China’s top economic policymakers said at the Central Economic Work Conference on the weekend that China is to ensure stability while making progress. The government is increasingly relying on reforms to pursue quality and effectiveness of its economic growth.

Editor:Wang Xiaomei |Source:

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program