China PBOC’s Yi sees faster progress on capital account reforms

China will speed up reforms to open its capital account now that People’s Bank of China Governor Zhou Xiaochuan has been reappointed, a senior central bank official said on Sunday.

PBOC Deputy Governor Yi Gang said China was pushing ahead with reforms to markets and the capital account, which remain tightly controlled, amid market demand for freer access to the tightly managed yuan currency.

“We are making tremendous progress in the capital account convertibility,” he said on the sidelines of Inter-American Development Bank meetings in Panama.

via Business feed http://www.scmp.com/business/economy/article/1193506/china-pbocs-yi-sees-faster-progress-capital-account-reforms