China will ‘unswervingly’ reform and open financial market: central bank chief

China will unswervingly deepen the reform of the financial industry and open up to the outside world, China’s central bank governor Yi Gang said on August 9.

China will unswervingly deepen the reform of the financial industry and open up to the outside world, China’s central bank governor Yi Gang said on August 9.

Yi said that, first of all, China must continue to implement the first phase of the Sino-US economic and trade agreement, and implement the financial reform and opening-up measures announced in recent years, such as the removal of foreign equity restrictions in securities, fund management, futures, and personal insurance.

The government should remove the investment quota restrictions for qualified foreign investors and RMB qualified foreign investors, and approve American Express, Mastercard, Fitch and other institutions to enter the Chinese market.

Second, China must continue to promote the full implementation of the pre-access national treatment plus negative list management system, and unify the foreign exchange management policies for the opening of the bond market.

He said that at present, the momentum of RMB internationalization is very good, “We will continue to actively and steadily promote the internationalization of the renminbi and the opening of capital accounts.”

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/09/china-will-unswervingly-reform-and-open-financial-market-central-bank-chief/.

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