China promises to make currency freely traded by 2020

Staff Writer
Columbus CEO

BEIJING (AP) — China's ruling Communist Party says it plans to make the country's tightly controlled currency, the yuan, freely traded by 2020.

The announcement Tuesday came as the party released more details of decisions at a meeting last week on its latest five-year development plan.

The party said its leaders agreed to make the yuan a "freely tradable and freely usable currency" by the end of the plan in 2020.

The United States and other governments want Beijing to ease controls that they complained for years kept the yuan undervalued and gave Chinese exporters an unfair price advantage.

The party said it will switch to a "negative list" in foreign exchange regulation during the five-year plan, which would allow companies to do whatever is not explicitly prohibited.