Further reform efforts to make the financial markets more open and receptive are a crucial step towards a flexible and internationally used currency. To this end, Zhou Xiaochan, the Governor of the People’s Bank of China, assured participants at an IMF committee meeting that major structural reforms in the financial markets would be pushed forward.
He explained that the market-based interest rate reform would continue, that the renminbi exchange rate reform would be improved and that the pace of capital account convertibility would be steadily promoted.