Is China Ready for Full Yuan Convertibility?

Although China has made headway in reforming the exchange rate regime of its currency,the yuan,and expanding the use of it in cross-border trade during the past year,the yuan is far from fully convertible.Huang Yiping,a professor at the National School of Development of Peking University,said in an article for Beijing Review that China has the conditions for capital account liberalization and should strive for basic convertibility within five years. Edited excerpts follow