Central bank governor Zhou Xiaochuan has made clear that his vision of “capital-accountconvertibility — a term that normally refers to unrestricted cross-border fund flows — iscompatible with keeping significant capital controls in place indefinitely. Mr Zhou also says hebelieves convertibility will be achieved by the end of this year. That is a signal that the mostimportant changes have already been announced.
中国央行行长周小川已明确表示了自己的看法:“资本账户自由兑换(capital-account convertibility)——通常是指不受限制的跨境资金流动——与无限期保持可观程度的资本管制并无矛盾。他还说,他相信今年底将实现自由兑换。这是一个信号,说明最重要的改革举措都已经公布了。
Just as July 2005 ushered in a period of “managed float for the exchange rate, so the nextdecade will be characterised by “managed convertibility for cross-border flows.
正如2005年7月开启了“有管理浮动汇率制时期一样,未来10年的特征将是对跨境资本流动实行“有管理的自由兑换。
The underlying logic is clear: market reform is a tool to be deployed only when it deliverstangible benefits. But when such forces threaten to inflict pain on the economy, thegovernment is ready and willing to intervene, as its heavy-handed response to the tumblingstock market also shows.
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2020-09-15
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