For one thing, Tom Holland of the South China Morning Post argues convincingly that as long as Beijing depends on investment fueled by cheap money to create growth, it cannot allow capital account convertibility.

FORBES: China Says Yuan Will Be Fully Convertible Soon

This new architecture is also justified on the grounds that it will help avoid adhoc controls now being imposed by individual countries and help lay down ground rules for orderly capital flows and a realistic timetable for capital account convertibility.

CNN: VIEWPOINT