China to accelerate yuan's capital account convertibility

China will step up efforts to make its Renminbi currency, the yuan, convertible under the capital account this year, the country's forex regulator vowed on Saturday.

The State Administration of Foreign Exchange said in a statement following a forex work meeting that accelerating yuan convertibility is one of the major tasks for forex authorities around the country.

They should also facilitate international trade and investment denominated and settled in yuan, guard against impacts of cross-border capital movement and prevent systemic and regional risks.

At present, the yuan is only convertible under the current account, while its capital account convertibility is controlled by the state.

The government has on many occasions stressed the need to realize full yuan convertibility to help with the currency's internationalization.