International organisations such as the IMF holds a more “practical” position that capital controls are a legitimate part of the toolkit to manage capital flows in certain circumstances, especially for Emerging-Market Economies. With proper control of systemic risk in mind, the degree of stability of the international financial system would correspondingly affect the pace of the currency reform in China.
Relaxation of capital control towards free convertibility and hence the internationalization of the RMB, while I believe would remain the ultimate goals of the currency reform, would proceed at a gradual pace, ensuring the stability, safety and soundness of the Chinese financial system.