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China Names Yuan Convertibility Plan as Goal This Year

China signaled it will propose plans this year to allow freer flows of its currency in and out of the nation as part of measures to loosen control over the yuan and interest rates.

The plan on yuan capital-account convertibility will also include a way to let individuals make overseas investments, the State Council said in a statement yesterday after a meeting led by Premier Li Keqiang on the focus of economic reforms in 2013. Other measures include improving controls on risks from local-government debt, expanding trials of value-added taxes on companies and pushing forward changes to the country’s household-registration system.