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RMB capital account convertibility has no time table
www.chinanews.cn 2006-03-29 11:31:50
Chinanews, Mar.29 - China's State Administration of Foreign Exchange
(SAFE) deputy director general Wei Benhua emphasized on the 27th that
China's RMB capital account convertibility has no fixed time table and
must be stably and orderly pushed forward. Given this limitation, the
present main gateway for cross-border securities investment is only open
for four categories.
At the third annual Pfandbrief debt investor conference held on the 27th,
Wei Benhua pointed out that the RMB capital account convertibility is a
complicated structural project and its realization steps must be
commensurate with China's economic development level, macro controls and
financial supervisory capabilities. He said, "One must be selective and
step by step relax the restrictions on cross-border capital transaction
activities under the precepts of preventing risks."
Pfandbrief bonds are the largest type of debt securities in Europe and
carry the same type of credit rating as government debt. German debt
experts at the conference were very high up on the Asian markets. China's
using Pfandbrief bonds investment only for the past two or three years
and already has 2 to 3% of the entire market volume, with about 10
billion Euros of debt circulating within the Chinese market.
The SAFE official pointed out at the same time that presently only four
types of organizations can invest in offshore securities such as
Pfandbrief bonds. One is the central bank; the second is designated forex
handling banks, or commercial banks operating within limits imposed by
the China Banking Regulatory Commission; the third are insurance
companies, permitted in 2004 to use insurance foreign capital to conduct
offshore investments, but limited by grade and investment ratios; the
fourth are securities firms and since last year divided into securities
dealing firms that can act on behalf of clients to invest in offshore
capital markets. He estimated that 90 to 95% of offshore investments are
confined to central bank and commercial banks.
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