人民币完全可兑换顺序与影响.pptVIP

The Full Convertibility of the Renminbi: Sequence and Impact Drafted by Shucheng Liu and Zhijun Zhao Hong Kong Institute for Monetary Research and Economic Institute, Chinese Academy of Social Sciences Research Project Group: Yue Ma Associate Professor, Economics Department, Lingnan University Yak-yeow Kueh Chair Professor, Economics Department, Lingnan University Shu-ki Tsang Professor, Economics Department, Hong Kong Baptist University Matthew Yiu Manager, Hong Kong Institute for Monetary Research This paper was written while we were visiting Research Fellows at the Hong Kong Institute for Monetary Research. We wish to thank the HKIMR for their hospitality and support. The views presented in this paper are those of the authors and do not necessarily reflect those of the HKIMR.  1. Introduction This paper discusses the sequence of the Renminbi’s full convertibility and its possible impact on mainland China’s economy and Hong Kong’s economy. 1. Introduction (Continued) China’s entry into the World Trade Organization (WTO) will effectively speed up the full convertibility of the Renminbi. Foreign banks will be allowed to make corporate loans in local currency within two years of entry Foreign banks will be allowed to deal with individual Chinese customers within five years after entry. Some people thus point out that these measures mean the Renminbi will soon become a fully convertible currency. We think this viewpoint is incorrect. 1. Introduction (Continued) It is because this viewpoint confuses the capital account convertibility with the Renminbi’s full convertibility. It also confuses removing restrictions on transactions with removing restrictions on exchange. The measures mentioned above are just important steps towards removing restrictions on capital account transactions. They are not yet equivalent to capital account con