Renminbi may never be fully liberalised, says GSAM’s O’Neill

yuan
China may never fully liberalise its currency

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 infl