National People's Congress
Chinese People's Political Consultative Conference
Deputies in Brief
Meeting Agenda
The Ninth National People's Congress begined from March 5, 2002.
The CPPCC begined at the Great Hall of the People from March 3, 2002.
Conditions Not Ripe for RMB's Total Convertibility
Conditions are not yet ripe for the total convertibility of China's currency, Renminbi yuan, said central bank governor Dai Xianglong in Beijing on 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 12, 2002)


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