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China’s officials debate renminbi convertibility

by Roland, the Gunslinger on Thu 04 Dec 2008 11:44 PM EST | Permanent Link | Cosmos

Comments from senior Chinese officials are rarely, if ever, made without an intention to signal a message of some sort. So, it is perhaps surprising that Ms Wu’s comments on November 19 at a Beijing seminar have not been more widely discussed.

Wu, who was a deputy governor of the People’s Bank of China (PBOC) until earlier this year, said that the renminbi should become an international reserve currency in tandem with its full convertibility, reflecting a renewed interest in loosening control of the currency as the country becomes more deeply integrated in the world financial system. She said it was difficult to find an alternative reserve currency but added that the renminbi was ready to become an international currency to replace the dollar.

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