3)  After the eruption of the global financial crisis in 2008/09, however, the international financial landscape has undergone significant transformation. While the world would welcome China’s currency reform towards free convertibility, concerns for destabilising capital flows, against a backdrop of prolonged adoption of quantitative easing policies by advanced countries, have notably heightened.
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.