China's foreign exchange regulator said on Thursday that the country will further promote liberalization of its capital market and gradually achieve convertibility of the renminbi under the capital account.

 

Guo Song, head of the capital account management department at the State Administration of Foreign Exchange, said at a news conference in Beijing: "The SAFE will improve the management of foreign debt and capital flows under a macro-prudential framework and deepen reforms in key areas such as direct investment and securities investment."

 

The administration, he said, is carefully tracking the operation and management of the foreign exchange funds of multinational companies as well as foreign exchange management policies in the China (Shanghai) Pilot Free Trade Zone, and will promote such experiences to the rest of the country.

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