Yuan convertibility moves a step closer

This might include transactions to pay wages, allowances, commercial and social insurance, overseas travel and training and allocated research and development fees, purchasing and marketing fees, said the State Administration for Foreign Exchange (Safe), which made an official announcement on July 12.

Analysts said the announcement is confirmation that China is on track to liberalise its currency market – Safe had timetabled the move in its working schedule at the start of the year. “What we