China's CICC: Yuan May Be Fully Convertible This Year

China is expected to launch a slate of major policies "very soon" to open its capital account and make the yuan a fully convertible currency by the end of this year, the country's largest state-controlled investment bank said in a report Tuesday. China International Capital Corp. (CICC) said that "2015 is no ordinary year for the internationalization" of the yuan, also known as the renminbi or "people's currency." The CICC report cited China's wish to have the currency become one of those used by the International Monetary Fund to value its Special Drawing Rights, the accounting unit used by the Fund. Since the vote to add new currencies to the SDR basket -- held once every five years -- is scheduled to take place in October, CICC said they expected China to quickly carry out its plans to further open its financial sector, including easing controls over the yuan. "We forecast the renminbi to be called a fully convertible currency by the end of this year," it said. The CICC report also said the yuan's use as a reserve currency with global central banks could reach the level currently enjoyed by the euro within 10 years if China's economic growth remains at a 7% pace.