RMB capital account convertibility in the next 5 years

RMB capital account convertibility without specific time China network March 11 News Center of the National People's Congress held a press conference on the theme "Monetary policy and financial Issues" this morning, the People's Bank of China Governor Zhou Xiaochuan, vice governor of the People's Bank of China, Hu Xiaolian, deputy governor of the People's Bank Liu,　　Deputy governor of the People's Bank of China and foreign Exchange Administration director Yi Gang attended the media interview. A reporter asked, China is now conducting a pilot, is the use of renminbi for cross-border trade settlement pilot, while China is continuing to reform the renminbi exchange rate mechanism.　　Can a timetable be given for a process such as a fully convertible renminbi? Hu said that Cross-border renminbi trade has developed greatly in the past year, and the renminbi has developed greatly in Cross-border trade settlement as well as in the financing of some overseas projects, foreign direct investment of RMB and the direct investment of foreign currency which is partly carried out in pilot way.　　It should be said that this kind of development and market demand is matched. The development of RMB cross-border business needs some conditions to tie in, in which you mentioned the convertibility of capital items, which I think is a very important aspect of the development of RMB cross-border business. But from the full and the necessary conditions, at this stage, it is still a sufficient condition, it is difficult to say that it is an essential condition at this stage. Because China's capital projects are currently in the process of convertibility, not fully convertible.　　In this environment, the renminbi's cross-border business is still quite developed. However, from the future trend and direction of development, on the one hand, the convertibility of capital items is our established goal, we must continue to promote, on the other hand, we believe that the market for the renminbi cross-border business needs will become more and more big. So there is a mutual promotion between the two. It can be assumed that capital projects are becoming more convertible, and in the process, it will be more and more conducive to the development of renminbi cross-border business.　　We believe that the further development of RMB cross-border business will also have a certain demand and promotion effect on RMB capital account convertibility. As for the convertibility of capital items, there is no timetable, it should be said that after the goal set, the speed of progress, mainly depends on the conditions. We believe that the current conditions for capital account convertibility are getting better, so we believe that there will be greater progress in the convertibility of RMB capital items over the next five years. But the exact day is fully convertible, I think it depends on the conditions, now there is no specific time to determine.