管制与国际化

Manipulation and Internationalization

不放松资本管制以及不实现人民币的自由兑换。

What China has been pursuing in the internationalization is not to attain the complete convertibility of RMB or to make RMB an international reserve currency, but to strengthen the function of RMB in international economy and finance while keeping control over the capitals on a certain scale so as to secure the domestic financial system. In this strategy, it's inevitable to determine the degree in which the country opens its capital market. Actually, there is no debate about whether China should open its capital market or not, while there are many arguments on such qualitative issues as the country's capital controls. Few analyses argue the degree and the speed in which the country open its capital market. In fact, the opening degree of a country's financial market does not always reflect its strictness of capital control. China's total assets and debts in overseas markets have grown rapidly in recent years, but the opening degree of its financial market still stays at a low level. It will be hard for the country to attain internationalization in the real sense unless it loosens the capital controls and improves the convertibility of RMB.