Beijing’s Latest Push to Globalize the Yuan Meets the Same Roadblocks, Analysts Say

Analysts say tight capital controls and a captive exchange rate keep the yuan sidelined, even as Beijing opens futures markets to foreign traders.

This photo illustration shows Chinese 100 yuan notes (red) and US$100 notes, in Beijing, on April 8, 2025. Jade Gao /AFP via Getty Images

News Analysis

Beijing has unveiled its most sweeping bid yet to elevate the yuan’s global standing—promising foreign traders direct access to its flagship futures exchange—while courting South African investors to use the currency.