China may never open capital account fully, panellists say
2020 target for renminbi internationalisation looks remote as China may join countries with asymetric capital accounts instead
The process of internationalising the renminbi will slow down as China pulls back from its target of opening its capital account by 2020, raising the spectre of the country never fully opening it and instead developing an asymmetric system where inflows are freely acceptable but outflows remain controlled – a move that could benefit offshore renminbi centres, said panellists at the 12th annual FX Week Asia conference in Singapore.
Alicia Garcia-Herrero, chief economist, Asia-Pacific, at Natixis
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