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BEIJING (Reuters) – China should continue to open its financial market to boost its global competitiveness, Shanghai Securities News reported on Monday, quoting an essay written by the central bank governor.
PHOTO FILE: Central Bank of China Governor Yi Gang arrives at IMFC Plenary Session at IMF-World Bank Spring Meeting in Washington, DC, April 20 2018. REUTERS / Yuri Gripas
The governor of the People's Bank of China, Yi Gang, wrote in the essay that China's financial markets are not deep enough and broad and need to be better integrated into international markets. Trade conditions also needed to be improved for the participation of foreign financial institutions.
China is committed to further opening its financial markets to foreign investors this year, foreign companies complaining for a long time of too narrow liberalization and uneven implementation on the ground.
China must "promote the general opening of the financial sector … and continue to relax shareholder restrictions on foreign financial institutions," Yi wrote, according to the newspaper.
Policymakers should "ensure that previously announced openness measures are implemented as quickly as possible," Yi wrote.
Yi also said China should deepen its exchange rate reform, including allowing the market to have greater weight in setting the rate, and gradually move capital account convertibility.
A trade link between the Shanghai and London Stock Exchanges should also be launched "as quickly as possible," Yi wrote.
Report by Elias Glenn; Edited by Sam Holmes
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