Conditions are not yet ripe for the total convertibility of China's currency, Renminbi yuan, said central bank governor Dai Xianglong here Monday.
The total convertibility of yuan should be a gradual process, said Dai at a press conference sponsored by the on-going Fifth Session of the Ninth National People's Congress.
The total convertibility of a currency calls for three conditions -- strong national strength, convertibility under capital account, and a stable monetary system. In this regard, Dai said, China does not have the conditions at present.
(Xinhua News Agency March 13, 2002)
