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Article: CHINA TO TRIAL FOREIGN EXCHANGE REFORMS.
- Article from:
- AsiaPulse News
- Article date:
- September 25, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, Sept 25 Asia Pulse - China's State Administration of Foreign Exchange (SAFE) has approved the trial of foreign exchange reforms in the Binhai New Area, a test field of business development in the northern financial hub of Tianjin.
"We will loosen controls over foreign exchange under capital account, and explore a way to realize Renminbi capital account convertibility in certain area and with certain amount, said Dai Xianglong, mayor of Tianjin and former governor of the People's Bank of China, the country's central bank.
He added that the government would improve the management foreign exchange under current account, and gradually allow ...