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Foreign exchange czar: China to take "faster steps" to capital account covertabilityPosted by Jeremy Goldkorn on Monday, May 8, 2006 at 9:41 AM
Hu Xiaolian on Caijing's Workers' Day cover The central bank's foreign exchange cheif Hu Xiaolian tells Caijing in an interview that China is ready to take "faster steps" towards capital account convertability . Hu says that new central bank policies announced April 13 allowing domestic institutional investors to invest overseas weren't intended to deflect international pressure on China to revalue the yuan. Instead, the new policies mark a further step towards an open capital account. NOTE: Caijing publishes English summaries of their articles on their website (link below), but the latest English texts have not been uploaded yet. The summary above is from Caijing's print edition. Links and Sources
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Comments on Foreign exchange czar: China to take "faster steps" to capital account covertability
This is an interesting development that is definitely worth following. I wonder how Chinese banks will handle foreign exchange risk. Obviously this question has far-reaching implications about China's future in the world economy.
The more I know, the more I worry that an increase in the value of the Yuan will no more harm than good to the United States. I would love to see an impartial (as though there is such a thing) economist really analyze this.