International role for renminbi more important than revaluation

What do you think people should be focused on right now with regard to potential exchange rate policy in China
Market attention is now focused on the timing of a change in China's exchange rate policy and the potential size of appreciation of the renminbi when that happens. In the medium-to-long term, however, capital account convertibility and a greater role for the renminbi as an international currency are much more important developments to China and the world than whether the renminbi revalues by 2% to 5%.

We see two anomalies in China's economic and financial relationships with the rest of the world, and correcting these anomalies will be the main driving forces for a gradual...