Such laws need to be revised, or scrapped, with small firms, of which South Africa has far too few, exempted from all but themostbasicrequirements in employment contracts.
But Dino Kos, a former chief of markets at the Federal Reserve Bank of New York who now works for Portales Partners, a research firm, notes that the yuan does not meet one of themostbasicrequirements of a reserve currency: other countries cannot use it to intervene in foreign-exchange markets because it is not freely convertible.