On RMB Capital Account Convertibility

Along with the quick development of the economic and financial globalization, and with the reform of market economy system and the policy of opening outward in our country turning continuously and deeply, especially after China joined WTO, how to carry out RMB being exchanged freely including the capital account is becoming our country's important topic that we have to face during the progress which we are trying to join in the economic and financial globalization.RMB capital account convertibility is a complicated and systemic project .Basing on the research of related theories, through the way of analyzing the cause and the risk and combining the condition with the actuality of the convertibility , how to adopt the measure to push forward the convertibility actively and steadily is the main purpose of this study.The factors including accelerating the growth of the national economy, alleviating the cost pressure caused by capital exchange control and continuous rise of economic globalization etc .are the internal ,passive and external causes that push forward RMB capital account convertibility .As its internal factor ,accomplishing RMB capital account convertibility is the demand of perfecting the opening highly socialism market economy system , promoting the use of social resource, making up the domestic funds shortage, extending inside need , pushing the native economic development, quickening the national economic structure adjustment and perfecting the market system .The passive factor is not only the manpower, material resources and financial cost by capital exchange control ,but also the corrupt phenomena and underground bargains caused by it .As its external factor, accomplishing RMB capital account convertibility is not merely the only route we join in the economic globalization ,but also a demand of raising RMB internationalization degree.However, we have to realize that, because the international market interest rate and the exchange rate which is caused by international capital flows are varied and the native economic power and the ability of macroeconomic control are not strong ,there must be some potential risks during the course of accomplishing RMB capital account convertibility .In fact of the economic...