Chinaput forward the goal of convertibility of the RMB under the capital account back in the early 1990s. Over the past 20 years and more, China has been working toward this goal. Currently, there are only very few transactions that are still banned under the RMB capital account. China is advancing the convertibility of the RMB under the capital account in a steady and orderly manner.
中国早在上世纪90年代初期就提出了实现资本项目可兑换的目标。20多年来,中国一直在朝着资本项目可兑换方向努力。目前,人民币资本项目完全不开放的交易已经不多,中国正在稳步有序向前推进人民币资本项目可兑换相关工作。
There has been a recent drop in China's foreign reserves. This actually reflects improvement to the mix of local currency as well as foreign exchange assets and liabilities of domestic banks, enterprises and individuals. There are three main reasons: First, some assets in foreign exchanges were transferred from the central bank to domestic banks, enterprises and individuals, including an increase of US$56.9 billion in the balance of foreign reserve deposits of domestic banks in the first eight months of this year, with a US$27 billion increase in August alone. Second, outbound investment by domestic enterprises has grown rapidly. Third, domestic enterprises and other market entities are reducing foreign financing steadily, which helps reduce risks of high leverage operation and currency mismatch. These changes are normal capital flow, which is moderate and manageable. Foreign investors who aim at long-term gains are still investing in China. China's foreign exchange reserves remain abundant and is still very large by international standard. With improvement to the RMB exchange rate regime and progress in RMB internationalization, it is quite normal that China's foreign reserves may increase or decrease, and there is no need to overreact to it.
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