China will push forward with reforms to allow for full capital account convertibility, an official with the foreign exchange regulator said on Thursday. To circumvent controls on the capital account, currency speculators have previously used methods such as over invoicing exports to Hong Kong in order to sneak money into the country.
However, China's recent jump in jewellery and precious metals exports to Hong Kong and other trade partners is not closely linked to speculative capital flows, the official said.