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An important issue of RMB internationalization is the free convertibility of RMB capital account, or the opening of capital account. While planning the free convertibility schedule of capital account as a whole, policymakers must satisfy the relevant conditions of financial market in order to control risks. In China, a prominent concern is that once the capital account can be converted freely, the scale and structure of capital flows will change. Especially when the domestic bond market is underdeveloped, a slight carelessness and a large debt capital inflow will inject great instability into the economy. Therefore, the author hopes to explore the key issues in the internationalization of RMB. This paper discusses the financial conditions of RMB capital account convertibility, finds out the advantages and disadvantages of the current reality, reflects on the existing problems and development direction of China, and gives some

Analysis on the Financial Conditions of Free Convertibility of RMB Capital Account