| Capital account convertibility is the need of market economy development and globalization; its also the important content of economy freedom. After 90 s century, developing with trade freedom and release of current account restriction, capital account convertibility problem has been put on policy-makers desk of developing country. In this paper, monetary freedom convertibility is the tendency of world economy development. RMB free convertibility cant stop, cant stay out of world tide. Not to convert capital account isn't feasible, to convert capital account directly isnt feasible if the conditions isn't good.This paper on the premise of capital account convertibility meaning and potential adventure1 s analysis, on the base of china capital account convertibility actuality existed problems and reason's study, use other countries capital account convertibility's experiences and lessons for reference, probe into RMB capital account convertibility way which follows the world economy development tendency and fit for china socialism market economy development.This paper includes four parts:The first part: The analysis of china capital account convertibility meaning and adventure.Capital account convertibility means each holder can exchange his money to another key international reserve money freely by market rate .To convert capital account is the impersonality demand of market economy's development, is final aim of china foreign exchange system reform .Its good for building and perfecting socialism market economy system quickly and realizing nation economy total development strategy. It will helpinternational economy strategy implementation, and make china economy join world economic dividing and cooperation, to promote nation economy develop continuous, quickly and healthily. At the same time, capital account convertibility may take many adventure, such as hot money comes much more, making in-come inflation; our capital flee to other country sharply, affect exchange rate and RMB valuation's stableness, make the international income and expenses unbalance .Capital restriction system will also be disturbed ,etc.The second part: China capital account convertibility's course ,actuality and existed problems .China capital convertibility's course is the same as foreign exchange system reform . After 1949, China's foreign exchange system reform experienced plan economy, economy and building socialism market economy system . Especially .after 1994's reform, we have got a lot of wonderful result, such as the reform corrected the preceding disturbed, overrated official exchange rate, foreign exchange markets price signal effect is exerted .resource allocation is more effective ;stable reform measures and reasonable exchange rate rebuild the belief of the public to exchange rate and exchange policy ,especially the belief of foreign investment company and foreign loaner. Cautious convertibility attitude avoids short-term venture capital come in on a large scale. Emphasis on exchange supervision, avoiding illegal capital come in or go out, we should take care of companys profit. The exchange management policy which keep the nation economy safety, insure civil exchange, financial and state economy station stable, make a good fundament for RMB convertibility .Of course, china doesn't have all the conditions for capital account convertibility ,and exist many problems: such as RMB exchange rate system doesn't be made by market .Bankers selling or buying foreign exchange isn't elastic. Foreign exchange market develops eagerly and rulable. China's exchange system reform be deepened ,etc.The third part: other countries capital account convertibility's lessons and revelation.China is not only a developing country, but also a socialism market country. When using other's experience for reference, we should review developing countrys' experience, but also new-market country and developing country. This part on the premise of developed country, new-market country, developing country's c... |
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