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A Decade of Trying and Yuan Trading Has Barely Scratched Dollar

  • Chinese currency remains far from being freely convertible
  • Sudden yuan depreciation remains concern for foreign investors
      
Photographer: Paul Yeung/Bloomberg
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Out of the depths of a global credit crisis that showcased an outsized role for the U.S. dollar, Chinese policy makers forged a plan to raise the profile and influence of their own currency. That hasn’t panned out so well, and the coming decade may see yet new headwinds.