08 Sep '11, 9pm

[TODAY] Full yuan convertibility by 2015?

BEIJING - Chinese officials told European Union business executives that the yuan will achieve "full convertibility" by 2015, EU Chamber of Commerce in China president Davide Cucino said. "We were told by those officials by 2015," Mr Cucino said in Beijing yesterday, without identifying the departments involved. Commenting on the report however, The People's Bank of China governor Zhou Xiaochuan said there is no clear timetable for full convertibility of its currency although there are plans to make the yuan convertible on the capital account eventually. Mr Zhou is part of a government delegation visiting London for regular talks. Vice-Premier Wang Qishan, who has responsibility for economic and financial policy, is leading the delegation. The reports come amid news China will give its formal support for London to become an offshore trading centre for the yuan. London will...

Full article: http://www.todayonline.com/Business/EDC110909-0000426/Ful...

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