Practice of Brazilian Capital Account Openness and Its Inspiration to China

From foreign debt leading to balancing developing Since 1960s,Brazil has implemented capital account convertibility gradually and prudently,which can mainly be divided into three stages.At present,capital account liberalization is achieved basically in Brazil.Brazil has achieved positive effects in coping with risks with the use of temporary capital control,IOF,floating exchange rate system,macro-prudential policy and other macroeconomic policies.China should use the reference from Brazil's characteristics of capital account convertibility,such as deepening financial reform,encouraging capital outflow orderly,upgrading securities convertibility and building risk prevention and control system,and implementing capital account convertibility gradually and prudently.