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/BloombergTian Chen and Livia Yap
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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.
