China: Renminbi stalls on road to being a global currency

Business & Technology

Less trade is being conducted with Chinese currency and foreign ownership of Chinese assets has decreased, among other indicators that the internationalization of the renminbi, or Chinese yuan, is stalling. As capital outflows continue and the value of the yuan tumbles, Beijing can "either row back on freeing up capital flows — as it has already begun to do this year — or relinquish control of the exchange rate and accept a hefty devaluation." For more insight into China's cutdown on capital outflows and to learn how it intersects with corruption and gambling in Macau, see this Reuters piece titled "Overseas casinos clean up despite China's cash curbs."