Premier Li Keqiang speaks at the Annual Meeting of the New Champions of the World Economic Forum in Dalian, Liaoning province on September 10, 2015. (Photo provided to China Daily)
China will continue reforms to achieve a completely convertible capital account, and soon it will allow foreign central banks to directly invest in the interbank foreign exchange market, Premier Li Keqiang said at the opening of World Economic Forum's Annual Meeting of the New Champions in Dalian, Liaoning province, on Thursday.
China will establish a yuan cross-border payment system by the end of this year, to expand the currency's use in offshore markets, said Li.
The Premier reiterated that yuan's exchange rate will remain stable at a reasonable level, and the exchange rate reform is targeting a market-decisive regime other than arousing "currency war" in the world.
"The nation will continue to lower the market access threshold for foreign direct investment," he said, "aiming to make China the most attractive investment destination in the world."
Earlier this year, foreign central banks were allowed to invest into the interbank bond market, as one of the most important measures to open the capital account.
As the Premier suggested, more sources of capital, including foreign capital and private capital, will be led into the real economy, to stabilize the economic growth.
Risk management is called on to improve to prevent regional and systematical financial crisis, said Li.
