The Legal Issues In Adopting RMB Convertibility

To make RMB Convertible , finally internationalized" , as the end of the reform of the foreign exchange system in China , is based on the need of building Chinese socialist market economy .To make RMB Convertible cannot be accomplished in one move . It has its own characteristic of stage , which is interrelated and interacted on each other with every factor of the economic development in China , and is restricted by the development level of Chinese domestic productive forces . The Convertibility of RMB includes Current Account Convertibility and Capital Account Convertibility , which each has its own characteristics and different management approach . We shall be especially careful with the management of Capital Account in order to avoid crisis .To be corresponding to the course of RMB's Convertibility , the pertinent legislation also went through a gradually improved course from direct management to indirect management . from loose and disorderly one to close and orderly one and progressively achieving internationalized .They collectively put an important role in the course of Rub's Convertibility . and jointly promote the building of the socialist market economy .