摘要
The financial opening up has three main components.First,the liberalization of the local currency,which is the minimum threshold and foundation of a country's financial opening.So far,the RM B liberalization reform is still in progress,in other words,the RMB is not yet a fully convertible currency.The rising share of the RMB in the Special Drawing Rights(SDR)from 10.92%to 12.28%does not equal to a share of 12.28%in the international market,because the RMB has not been liberalized in essence.
