Renminbi may never be fully liberalised, says GSAM’s O’Neill
As China relaxes controls on its currency, the yuan is set to become more widely used. However, government control is likely to be maintained. Full convertibility may never happen, says Jim O’Neill
China's renminbi may never be a fully convertible currency, according to Jim O'Neill, chairman of Goldman Sachs Asset Management.
"[The yuan] will certainly be fully liberalised for use in trade but I am not 100% convinced we will have liberalisation, which means complete free use for everybody around the world in terms of investment speculation," says O'Neill.
The extent of the Chinese government's loosening of controls on renminbi depends on what happens with the economy as well as global
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