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China at the end of 1996, the RMB convertible under the current account. Since then, academia someone to explore capital account convertibility a matter of time. However, some of the problems of the financial regulation, coupled with the lessons of the financial crisis in other Asian countries, the central bank to strengthen the control of capital projects, the RMB capital account convertibility also become the foreseeable future. With China's accession to the WTO is just around the corner, China's financial industry and the international financial industry become more closely linked, many restrictions on foreign banks will also be phased out. Not only Chinese enterprises to turn to foreign bank financing, foreign-funded enterprises and domestic and foreign banks will also be low-cost financing in international financial markets, increase the local currency and foreign currency intermediation and international capital inflows and outflows. Accession to the WTO will significantly alter China's investment environment for foreign investment in China to open a broad channel. With access to the domestic market, the Chinese-funded enterprises held by foreign companies will gradually increase the equity in objectively forced the RMB capital projects to accelerate the pace of deregulation. Therefore, this paper will accession to the WTO after the gradual relaxation of the RMB capital controls to explore. However, the purpose of the current situation in China, in terms of financial openness, has achieved some success, but there are still not a small gap. Still faces a number of risks in the process of easing monetary items control. Accession to the WTO will also bring opportunities and challenges. Therefore, from the following aspects discussed: First, will focus on the meaning of freely convertible currency, the opportunities brought about by accession to the WTO, relax the benefits of capital controls gradually loosen the yuan capital controls after the accession to the WTO was discussed practical significance. Secondly, from RMB convertible under capital account, the perfection of the exchange rate mechanism of the RMB market, the cultivation of the financial market system, the process of marketization of interest rates and corporate reform situation, the Review has been the progress made and gaps. Third, the implementation of capital projects convertible primary problem, the principle of gradual and orderly progress, the interest rate market parts to promote, encourage direct investment and financial innovation, the general idea of ??relaxation of capital controls. Finally, this paper will also meet the accession to the WTO and to relax monetary items control the possible risks and countermeasures to be explored.
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