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RMB Capital Account Convertibility in Near Sight: PBOC

China is getting closer to its target of realizing the capital account convertibility of the renminbi (RMB) and the international status of China's currency is rising, People's Bank of China (PBOC) deputy governor Fan Yifei said on Friday. In a statement at the ongoing Lujiazui Forum 2015 in east China's Shanghai, Fan said several major methods will promote the capital account convertibility. He said they include opening up channels for personal cross-border investment, launching overseas investment pilots for eligible domestic personal investors, perfecting mutual stock market access between Shanghai and Hong Kong, promoting stock market access between Shenzhen and Hong Kong, and establishing effective macro-economic monitoring and management.

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