Renminbi should achieve ``basic convertibility'' in 5 years:
July 19, China should relax controls on its capital accounts and let its currency, the renminbi, achieve ``basic convertibility'' over the next 5 years amid its push for the deeper internationalization of the currency, a senior executive from the People's Bank of China said.
China will deepen the reform of its financial systems by improving services for small and micro businesses and making Renminbi convertible under capital accounts, according to a report distributed to the media Monday morning.