China will progressively make its currency, the yuan or renminbi, convertible on the capital account under the balance of international payment in the next five years amid its push for deeper internationalization of the currency, said Yi Gang, Director of the State Administration of Foreign Exchanges (SAFE) on January 18.

"The overall strategy for the reform of China's foreign exchange management system is to achieve the convertibility of the yuan on the capital account progressively, since this will make trade and investment more convenient and boost the development of the foreign exchange market," said Yi.