The Council of Governors realized at the very start that monetary integration could not be realistically achieved by 1993 and proposed instead a more gradualist approach based on agreed levels of economic convergence. A new deadline for the attainment of monetary integration was set for the year 2000.
In this context, we recognise the continued willingness of China’s decision-makers in politics and business to help the renminbi assume a role in global economic activity that is commensurate with the importance of the Chinese economy. This willingness shows that the renminbi has not yet reached the end of the road as regards comprehensive internationalisation. We therefore look forward to future developments.