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Shuli Ren

Beijing's Yuan Ambitions Look Dashed

Liquidity is one reason China's currency hasn't gone further on the world stage.
Photographer: fmcginn/Getty Images

As 2018 gets underway, China seems to be on top again. The yuan has strengthened 6.8 percent against the dollar over the past 12 months and foreign-exchange reserves are growing.

Not so fast.