INTERNATIONAL EXPERIENCES AND ENLIGHTENMENT OF CAPITAL ACCO NT LIBERALIZATION UNDER FLOATING EXCHANGE SYSTEM

With the further reform of China's international finance, the capital account liberalization of China faces a new envi- ronment, among which is the alteration of exchange policy. The analyses of the capital account liberalization experience of other countries under more flexible floating rate show us the generalities of the liberalization's condition and its process. Furthermore, the policy revelation we got from these analyses will not only serve our following reforms in the fields of preventing risks perti- nently, but help to the steadily complete liberalization of China's capital account.