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CRN: Central Bank Governor Denied Free Exchange of the RMB Has a Time Table

China Review News (CRN) recently published a report referring to a Bloomberg article that quoted Davide Cucino, Chairman of the EU Chamber of Commerce in China, as saying China plans to realize the free exchange of the RMB by the year 2015. Cucino suggested that he heard the news at a summit with Chinese officials. Reuters commented that, if the report reflected the truth, this was the first time China set an official date for the matter. Chinese central bank governor Zhou Xiaochuan commented on the news when he was attending the Fourth China-U.K. Economic and Financial Dialogue. He said that China does not have such a timetable and that a long and orderly process is involved. He also suggested that China is not eager to include the RMB in the basket of currencies that make up the IMF SDR (Special Drawing Rights) exchange rate. However, there are signs that the Chinese government is placing the RMB free exchange issue on the agenda.

Source: China Review News, September 9, 2011