People’s Daily: China to gradually open capital account in 2005

From People’s Daily:

China will gradually open its capital account in 2005, another step in its plan to make the yuan currency fully convertible, China Central Television said on Saturday, quoting the country’s foreign exchange chief.

China, facing criticism from the West that a cheap yuan gives its factories an unfair competitive edge, has held its ground against demands it revalue — but has promised to progressively free up trading in the currency.

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