Prospects and Path to China's Capital Account Converibility
分析了资本账户可兑换与国际经验、通胀、汇率制度及国际货币体系的关系，提出中国应分阶段、有计划地推进开放，并关注套利活动和双轨价格问题。
The opening of China's capital account is a consensus-building process which has to do with various domestic and international issues.The paper analyzes the relevant international experiences,as well as the relationship of capital account convertibility with inflation,foreign exchange regime and international monetary system. Based on the analysis,China should set multi-dimensional targets for capital account opening,and proceed in a planned and phased manner.In fact,China has made significant process in international trade and investment since the opening of current account in 1996,which has laid a solid base for capital account opening. To accelerate the process and minimize negative impacts,it is necessary to recognize the prices for reform,to examine potential arbitrage activities,and to resolve the issues related to double-tracked prices.