Although, the internationalization of the Chinese economy has continuously moved forward for the past 30 years, its currency, the Renminbi, is fully convertible only for trade and income related operations.
For their part, capital flows are still under government control for Chinese residents but the controls on the non-residents are being alleviated and an offshore market for the Renminbi is developing in Hong Kong.
This increasing internationalization of the Renminbi which will result from these changes will undoubtedly shape the debate on the reform of the international monetary system. |
