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China’s currency will be fully convertible in months

Posted on 16 September 2013

The Shanghai free-trade zone, China’s first, will officially open for business on September 29. Just about every China economy maven has been following the months-long saga regarding the establishment of the zone because in Shanghai the central government will punch a gaping hole in the country’s currency wall.
The renminbi has been convertible on the current account since December 1996. The region-wide crisis that began in the middle of the following year thwarted Beijing’s goal of achieving full convertibility by the turn of the century. Since then, Chinese technocrats have made a series of promises regarding capital account liberalization………………………………………..Full Article: Source


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