KPMG Industry Updates - Issue 4, July 2012
The internationalization of RMB should follow the order of reform first, and then opening up. A sensible roadmap should be “exchange rate reform – interest rate marketization – offshore markets construction - capital account liberalisation.” Before domestic reforms have made significant progress, capital account liberalisation should not be pushed ahead too fast. Otherwise, it may cause risks and have a negative impact on Chinese financial system.
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