China sets yuan convertibility plan as goal this year | Bangkok Post: Most recent

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China plans for Yuan convertibility

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China will propose a plan this year to allow yuan capital-account convertibility as part of measures to loosen controls on its currency and interest rates, the nation's Cabinet said. 

The yuan plan will also include creating a mechanism that allows investments overseas by individuals, the State Council said in a statement on Monday after a meeting led by Premier Li Keqiang on the focus of economic reforms in 2013.

Other measures include improving controls on risks from local government debt, expanding trials of value-added taxes on companies and pushing forward changes to the country's household-registration system.

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