资源描述：
《Waiting for perfect timing could mean reform》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、Waitingforperfecttimingcouldmeanreform'never'happens:Study BEIJING-Chinahasa"strategicopportunity"toeasecurbsoncapitalflowstotakeadvantageoflowervaluationsforWesterncompaniesandraisetheyuan'sglobalstatus,acentralbankstudyhassuggested. Chinadoesn'tfacegreatrisksifitope
2、nsupitscapitalaccount,agoalthatwasincludedinthe12thFive-YearPlan(2011-15),thePeople'sBankofChinapublicationFinancialNewsreportedonThursday,citingastudybythesurveyandstatisticsdepartment. "Ifwewaituntilconditionsforinterestrateliberalization,currencyliberalizationandyu
3、aninternationalizationallmature,wemightneverfindanappropriatetimetoopenupthecapitalaccount,"saidthereport,writtenunderthedirectionofheadresearcherShengSongcheng. "Nowisthetimetodosobecauselowvaluations定价inoverseasmarketsofferarareinvestmentopportunityforChinesecompani
4、es." TheStoxxEurope600Index,evenwithan8percentrallythisyear,hasfallen34percentsinceJuly2007,drivendownbyglobalfinancialturmoilandtheeurozonedebtcrisis. "Toomuchemphasisonpreconditionscouldeasilymake(aprocessof)gradualreformbecomenegativeandstationary,thusdelayingtheri
5、ghttime,"thereportsaid,addingthatthosepresumed"preconditions"andthefullconvertibilityoftheyuancouldpromoteoneanothersimultaneously. ThestudysaidChinawouldnotfacebigrisksifthecapitalaccountwasopenedup,becausemostassetsanddebtsincommercialbanksaredenominatedinyuan,andmo
6、stforeign-exchangeassetsarebondswhoseprincipalandinterestpaymentswouldn'tbeeasilyaffectedbymarketpricefluctuations. "Inaddition,outstandingshort-termforeigndebtisonlyasmallproportionofChina'sdebts,andrisksinpropertyaswellasthecapitalmarketarebasicallycontrollable." Th
7、estudysaidinonetothreeyears,Chinacouldloosenitsreinsondirectinvestmentcontrolsandencourageenterprisestogoabroad,whileinthreetofiveyears,itcouldderegulatecommercialcreditcontrolswhilefloatingtheyuanglobally. "Infiveto10years,thecountrycouldgraduallyopenuptradingofreale
8、state,stocksandbondstoforeigninvestors,"itsaid. "It'struethatwedon'tneedallthepreconditionstoripenbeforeopeningupthecapitala
