RMB convertible on capital account in five years

Updated: 2011-01-19 09:28


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China's foreign exchange reserves rose to a record $2.85 trillion by the end of last year - an 18.7 percent increase year-on-year - compared with nearly $2.65 trillion by the end of September. The amount increased $199 billion in the fourth quarter, according to a Jan 11 statement by the PBOC.

Yi said in an earlier interview with China Forex magazine that the country will make its currency exchange rate more flexible this year to reduce the trade surplus and inflationary pressures caused by high liquidity.

The yuan's reference rate was set at 6.5891 against the dollar on Tuesday, the highest since 2005, and it was about 3.6 percent higher compared to June 2010.

Most institutions have predicted that China's GDP growth will remain above 8 percent in 2011, and the yuan will appreciate at a pace between 3 and 5 percent, which may further attract foreign capital inflows.

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