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Article: China to trial foreign exchange reforms in Binhai New Area.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- September 22, 2006
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China to trial foreign exchange reforms in Binhai New Area
Beijing, Sept 22 (PTI) Amid mounting pressure to revalue its currency, China will conduct the trial of foreign exchange reforms in the Binhai New Area in the northern financial hub of Tianjin.
"We will loosen controls over foreign exchange under capital account, and explore a way to realise Renminbi capital account convertibility in certain area and with certain amount," mayor of Tianjin, Dai Xianglong said.
China's State Administration of Foreign Exchange (SAFE) has approved the trial programme in Binhai New Area, Dai, also former president of the People's Bank of China, the apex bank, ...