China to Balance International Payments in 5 Years
According to statements made by the China's foreign exchange regulator, China’s central government aims to balance its international payments in the next five years.
In a statement, Hu Xiaolian, the director of the State Administration of Foreign Exchange, said also that the regulator will improve the managed floating exchange rate system and gradually make the Chinese yuan fully convertible under the capital account.
Due to booming exports and speculative inflows of capital from speculators betting on yuan appreciation, China had a current account surplus of $68.66 bln at the end of 2004 and a surplus of $110.66 bln under its capital account.
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