最后说明了人民币自由兑换其实是人民币国际化的一个子过程。
At last, I think RMB's free convertibility is a subprocedure of RMB's internationalization.
从现在起到未来的一两年内，是人民币走向浮动，实行人民币自由兑换的最佳时机。
It is the occasion for RMB to transit to floating and free exchanging within one or two years in the future.
从很大程度上讲，这是因为人民币不能完全自由兑换。
In large part this is because the yuan is not fully convertible.
但由于人民币无法自由兑换，加之国际资金无法参与中国内地股市，因此，两地股票价格差距颇大。
But with the renminbi not freely convertible and China's stock markets isolated from international capital flows, valuations diverge widely.
当然，不应该把货币互换与人民币完全自由兑换混为一谈。
Certainly the swaps should not be mistaken for full yuan convertibility.
一些分析员指出，人民币将有可能在2015年之前，成为在资本账户上能够自由兑换的货币。但是成发出了警告。
Some analysts suggest the yuan could become convertible on the capital account by 2015, but Cheng sounded a wary note.
人民币可自由兑换？
在不久的将来，欧元和人民币（如果人民币可以自由兑换）将成为有力的竞争者。
Over time, the euro and China’s yuan (if it became convertible) could emerge as competitors.
这符合三年前国际货币基金组织协议第8条的要求，即实现人民币在经常帐户下的自由兑换。
It has met the requirement of Clause 8 of the Agreement of the International Monetary Fund three years ahead of time by having realized free exchange of the RMB under current account.
中国外汇体制改革的最终目标是实现人民币完全自由兑换。
The destination of Chinese policy on foreign exchange system is to realize Renminbi free exchange.
当然，人民币目前还不是可自由兑换货币，而在人民币实现可自由兑换之前中国还需大力整顿其金融体系。
Of course for now the yuan is not a convertible currency and China has considerable work to do to clean up its financial system before that can change.
这里的问题是，人民币在国际市场上不是可自由兑换的货币，所以不能在全球范围内分散风险。
The problem here is that China is not tied into the international financial system with a convertible currency, so it cannot spread risk on a global scale.
人民币己实现经常项目下的可自由兑换，中国工业品平均关税到2005年将进一步降至10%。
China has already archived the free convertibility of the RMB under the current account, and the average tariff rate for industrial products is expected to drop to 10 percent by the year 2005.
我国1996年接受IMF第八条款，实现了人民币经常项目下自由兑换。
In 1996 China accepted No. 8 item of IMF, then realized RMB free exchange in current account.
人民币将是唯一可能取代美元的货币，但需要自由兑换，他补充说。
The renminbi, China's currency, will be the only possible currency to replace the US dollar but it needs to be convertible, he added.
资本项目可兑换是人民币实现可自由兑换的关键环节，入世后人民币资本项目可兑换面临着巨大压力。
The convertibility of capital items is a key link in the realization of the free conversion of Renminbi.
人民币资本项目自由兑换是我国外汇体制改革的最终目标，也是一项伟大而又艰巨的系统工程。
Capital convertibility of Renminbi is the ultimate goal of the reform in China 'foreign exchange system, which is a tremendous and difficult systems engineering.
人民币资本项目自由兑换是我国外汇体制改革的最终目标，也是一项伟大而又艰巨的系统工程。
Capital convertibility of Renminbi is the ultimate goal of the reform in China 'foreign exchange system, which is a tremendous and difficult systems engineering.
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