Study On The Legal Issues In Course Of RMB Convertible Gradually

The free convertibility of currency is a key issue to the international financial system. From the 1970s and 1980s, with the enhancement of the economy globalization, the importance of free convertibility of currency has become conspicuous. Since late 1970s, some developed countries, such as Britain, have expedited making the currencies convertible under the capital account. Under the influence of the Financial Deepening Theory, a lot of developing countries as well started to push forward the capital liberalization, loosed the limit of capital flows and raised the convertibility of their currencies. As the Opening Policy deepens, not only domestic but also international market requires China to loose the foreign exchange control on the basis of international trade and investment to China. The aim of the foreign exchange system reform is releasing the control on capital account and eventually making Renminbi unrestrictedly convertible.Composed of five chapters, this thesis begins with the general research on the currency convertibility and the international financial system; discusses the legal system and practice of currency convertibility of some typical developing countries, such as Mexico, India and Chile; makes strategic choice for RMB convertibility on the basis of the theory about monetary sovereignty and economical safety; analyzes the present situation and legislation of RMB's convertibility together with the development of foreign exchange system of China; in the end, constructs conceivable legal system that will gradually lead to RMB's free convertibility.