Amid an increasing demand for RMB and China’s deepening opening-up, the PBC built on the sound momentum generated to gradually make the RMB a fully convertible currency by further eliminating unnecessary administrative controls and policy restrictions and by constantly improving policy framework for cross-border use of RMB for the real economy.
*  *  *  I Ladies and Gentlemen, The new Basel capital regulations in general, and the proposed prudential use of ratings in particular, are major milestones in the history of banking supervision.