Consensus Builds for Reform of China's Financial Sector

• China could liberalize its capital account by as early as 2015.
• Shadow banking system is the financial sector’s biggest risk said BOC head.

Tianjin, People’s Republic of China, 12 September 2012 – China could liberalize its capital account by as early as 2015, said Dai Xianglong, Chairman, National Council for Social Security Fund, People's Republic of China, and ex-president of the People’s Bank of China, although he cautioned that the international community influences the pace of reform. “Financial reform should focus on internationalization of [China’s currency] the RMB and reform of the interest rate,” he added.