According to the former vice head of the State Administration Of Foreign Exchange, China will continue to push forward the yuan’s convertibility under the capital account, The Wall Street Journal reports. Wei Benhua also added that the government will gradually widen the channel, via which domestic companies can take capital abroad.
China aims to make the yuan an international currency, but the government’s reluctance to make the yuan fully convertible is delaying the process. Benhua is the current chief of the recently launched Asean+3 Macroeconomic Research Office.
Click here for the story from The Wall Street Journal.