Forex regulator plans further renminbi liberalization measures

SAFE to improve management of foreign debt and capital flows to promote account convertibility

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."