Chinese officials told European Union business executives thatthe yuan will achieve “full convertibility” by 2015, EU Chamber ofCommerce in China President Davide Cucino said.

“We were told by those officials by 2015,” Cucino told reportersin Beijing yesterday, declining to identify the governmentdepartments involved. People's Bank of China Governor ZhouXiaochuan said that while there is no timetable for convertibility,the offshore yuan market is “developing faster than what we hadimagined.”

A freely traded currency would mark one of the biggest policyshifts since China's leaders embraced private enterprise threedecades ago. Such a timeline would help China deflect criticismfrom U.S. and European lawmakers that the world's second-biggesteconomy is gaining an unfair advantage in global trade byartificially keeping the yuan undervalued. It would be a yearfaster than the schedule expected by 57 percent of 1,263 globalinvestors in a Bloomberg survey published in May.

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