chinas-officials-debate-renminbi-convertibility

ChinaÆs officials debate renminbi convertibility

Authorities signal an intention to move towards full renminbi convertibility and a desire for reserve currency status.
The Chinese authorities should raise the profile of the renminbi during the global financial turmoil and get ready for the currencyÆs full convertibility, according to Wu Xiaoling, deputy director with the finance and economic committee of the National PeopleÆs Congress.

Comments from senior Chinese officials are rarely, if ever, made without an intention to signal a message of some sort. So, it is perhaps surprising that Ms WuÆs comments on November 19 at a Beijing seminar have not been more widely discussed.

Two days before Wu made her comments, Jin Liqun, the supervisory board chairman of the mainland's $200 billion sovereign wealth fund, said that Beijing would demand a more significant role in the global...
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