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.
© 2020 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.