See J.C. Trichet (2005), “Monetary Policy and ‘Credible alertness’,” speech delivered at the Panel discussion “Monetary Policy Strategies: A Central Bank Panel” at the Symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 27 August. 8  BIS Review 97/2007  of recent weeks have led to an increase in uncertainty.
Relaxation of capital control towards free convertibility and hence the internationalization of the RMB, while I believe would remain the ultimate goals of the currency reform, would proceed at a gradual pace, ensuring the stability, safety and soundness of the Chinese financial system.