China’s PBoC Governor Yi Gang said that the authority will ensure gradual, steady efforts to financial sector reforms.
He acknowledged that “our financial sector still has a lot room to open up relative to the requirements of economic and financial development.” And, “the three reforms — opening up the financial sector to internal and external firms, exchange rate mechanism, and capital account convertibility — have to be coordinated and pushed ahead together.”
Regarding Yuan internationalization, he said that requires “steady progress on capital account convertibility. And, “if many capital account items are restricted, then the financial sector opening is only in name instead of in reality. He added that “only when our capital account is basically convertible and that our financial sector opens up in both ways, will our currency mechanism and the entire financial sector achieve a coordinated development.”
