China urges yuan convertibility plans

The Chinese government is calling for detailed plans to reach the full convertibility of the Chinese yuan.

Chinese Premier Li Keqiang urged at the executive meeting of the State Council on Monday that operational plans on achieving the convertibility of the renminbi under the capital account should be drafted. He also said the government will steadily roll out market-based measures to reform the interest rate and exchange rate regimes.

The country will also set up mechanisms for individuals to invest overseas. The meeting also decided to improve risk control measures for local government debt. The government has called for increased focus on the quality of urbanization, making the process more people-oriented. Related social security systems should also be further improved.