Beijing
LAST week's decision by MSCI not to include Chinese shares in its primary emerging-markets stock index has been viewed - widely and rightly - as a blow to China's hopes of internationalising its financial sector. There's worse news, though: Even the progress China's made thus far is in danger of going into reverse.
MSCI's choice is a sharp contrast to the one made by the International Monetary Fund last December, when it promised to begin including the Chinese yuan in its basket of "special drawing rights".
The move conferred global reserve status on the currency, despite the fact that China arguably didn't meet the conditions for inclusion - it was debatable whether the yuan could be considered...
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