Conditions favorable for liberalized capital account-China's Yi

WASHINGTON, April 18 Thu Apr 18, 2013 2:38pm EDT

WASHINGTON, April 18 (Reuters) - China's strong economic and fiscal situation and improved banking sector have created the conditions for the country to liberalize its capital account, a senior central bank official said on Thursday.

People's Bank of China deputy governor Yi Gang said China wanted to put in place anti-money laundering and counter-terrorist finance provisions as well as macro-prudential measures for extreme circumstances.

"If we have that, I think China is ready to make the capital account by and large convertible," Yi told a panel at the International Monetary Fund. He did not give a timetable for the liberalization of China's capital account.