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Weren't Chinese capital controls recently made more onerous? What makes you think they will be reversed in the near term?

There is a long term trend towards opening, to encourage the use of the RMB as an international currency.
It is a long process, but underway.
The stock connect, the licensing of fund managers with limited capacity, the HK RMB market, inclusion in the SDR, and so forth.
It might take another decade, but the process is ongoing, and has even been announced as a policy goal.
There might be bumps and backtracks along the way, but the direction seems clear.
As clear as things can be under the circumstances. I wouldn't bet the rent on it, but I expect it.

Jim
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