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Yuan’s Haven Status Won’t Stick Until China Relaxes Its Controls

  • Currency posted best quarterly advance in more than a decade
  • It won’t be a refuge in the absence of major reforms: Prasad
A storefront decorated is with a Chinese national flag and red lanterns to celebrate the National Day in Beijing on Oct. 4.
A storefront decorated is with a Chinese national flag and red lanterns to celebrate the National Day in Beijing on Oct. 4.Photographer: Yan Cong/Bloomberg

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When the world’s financial markets hit turbulence, could you really turn to China’s yuan as a store of value?