Financial reform within 5 years: official  

戴相龙：人民币自由兑换五年内或有重大进展

全国社会保障基金理事会理事长戴相龙12日在天津表示，围绕着利率市场化和人民币国际化，中国金融改革未来有四方面的问题要去突破。

Tianjin (CNS) – China could liberalize its capital account as early as 2015, a former central bank governor said Wednesday.

"Under normal circumstances, China will have the conditions to make major breakthroughs in capital account liberalization within the next three to five years," Dai Xianglong, chairman of the National Council for Social Security Fund, said during the 2012 Summer Davos Forum in north China's Tianjin.

However, he said the actual pace of financial reforms will be affected by the state of international and domestic financial systems.

The central bank has gradually loosened its grip on interest rates since June this year, allowing banks to offer a deposit interest rate 10 percent above the benchmark and a lending rate 30 percent below it.