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China central bank chief in favor of easing forex controls

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China central bank chief in favor of easing forex controls

People's Bank of China Governor Zhou Xiaochuan called for policy reforms and continued opening up of the country's financial sector in an interview with Chinese financial magazine Caijing.

Zhou laid out the following three drivers needed to further open up the economy: opening China's economy to the world, which would mean greater foreign trade and investment; a more market-based foreign-exchange rate mechanism; and to ease foreign exchange controls.

"There isn't a single country in the world that can achieve an open economy with strict foreign exchange controls," Zhou reportedly said.

Zhou said the inclusion of yuan in the International Monetary Fund's Special Drawing Rights reserve-currency basket not only marked an important event in 2016 in the historical process of China's opening up, but it is also an important driving force for further reforms and opening up.

Zhou has been in the position for the past 15 years and is expected to retire in months.