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China paves way for Yuan convertibility by 2020

FXStreet (Mumbai) - China’s ruling Communist Party (CP) proposed in its new five-year development plan passed at the party summit last week, announced on Tuesday via Xinhua News Agency, that the authorities will seek to make yuan freely tradable by end of 2020.

Key Quotes:

The CP noted that the authorities will try to make the yuan a "freely tradable and freely usable currency" by the end of the plan.

The CP also said that it will opt for a “negative list” foreign-exchange system during the five-year plan, allowing companies to do anything that is ‘not specifically banned -- and open the finance industry as it promotes the Yuan’s inclusion in the International Monetary Fund’s Special Drawing Rights basket.’

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