Beijing MUST deliver on three conditions to secure Yuan convertibility: strong/transparent domestic banking system,
fully integrated capital markets & exchange rate regime permitting equilibrium.
China FAILS on all three. This 2011 report is outstanding in its reach, depth & scope.
"Capital Account Liberalization & the Role of the Renminbi" http://www.iie.com/publications/wp/wp11-6.pdf
Peterson Institute for International Economics: Asian Pacific Research http://www.piie.com/research/researcharea.cfm?ResearchTopicID=48&ParentTopicID=7#china
Beijing's Central Bank Portfolio Composition & Valuation http://blogs.piie.com/china/?p=4320