China could do one thing to help internationalize the yuan — but it probably won't

Reuters

• China is introducing an oil futures contract that is denominated in yuan.
• That's in effort to internationalize the yuan and pull global reliance away from the dollar.
• But that's not likely without removing capital controls — an unlikely move for Beijing. 

Council on Foreign Relations

As we documented in a post one year ago, what The Economist once called the “unstoppable” internationalization of China’s currency—the RMB—has been stopped.