One of the reasons the renminbi hasn't become a truly international currency is because of the nation's capital controls.
This refers to restrictions on the flow of capital in the form of (cash, stock, foreign direct investment and so on). But in a new Standard Chartered report titled "The Renminbi’s 2020 odyssey," Becky Liu and her team write that they expect "China’s capital account to be basically open by 2020."
In one slide they show how the "various lines" will be opened up between now and 2020:
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- Standard Chartered