China’s ambition for the yuan to become a global currency is undermined by its persistent reluctance to loosen tight capital controls

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However, many observers argue that while China desires the yuan to become a global reserve currency like the dollar, achieving this goal is torpedoed by its tight capital controls.

China has long harboured ambitions for the yuan to be a global currency, similar to the euro or dollar and reflecting its weight as the world's second-biggest economy. One roadblock to this aim, however, is its reluctance to remove tight capital controls.