The wall is starting to crack.
For years, China has made it tough for capital to flow to and from
its economy, the second-largest in the world. Now, the government in
Beijing is forging ahead with a campaign to bring the yuan onto the
world stage—and breaches are appearing in that formidable financial
barrier.
A yuan that's more widely used in international trade and investment
could eventually challenge the dollar's supremacy, correct some of the
imbalances that plague the Chinese and global economy, and force a
profligate U.S. to live within its means.