China to push forward with capital account convertibility: forex regulator

[BEIJING] China will push forward with reforms to allow for full capital account convertibility, an official with the foreign exchange regulator said on Thursday.

To circumvent controls on the capital account, currency speculators have previously used methods such as overinvoicing exports to Hong Kong in order to sneak money into the country.

However, China's recent jump in jewelry and precious metals exports to Hong Kong and other trade partners is not closely linked to speculative capital flows, the official said.

Precious metals exports had surged in September, prompting regulators to investigate.

REUTERS