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China Central Bank Boss Calls for Reform Amid Congress Countdown

  • Zhou says can’t have an open economy with capital controls
  • Comments precede Communist Party meeting to start next week
Zhou Xiaochuan

Zhou Xiaochuan

Photographer: Andrew Harrer/Bloomberg
Updated on

People’s Bank of China Governor Zhou Xiaochuan made a fresh call to open up the nation’s financial sector, and warned that reform will become more difficult if the window of opportunity is missed.

In an interview published late Monday with the Chinese financial magazine Caijing, the nation’s longest-serving central bank chief defined a “troika” of three drivers needed to further open up the economy, citing greater foreign trade and investment, a more market-based foreign-exchange rate mechanism with a “reasonable and balanced” yuan rate, and the relaxation of capital controls to allow use of the yuan to be gradually freed.