Beijing

MORE than three decades after Deng Xiaoping led Communist China down the path of economic liberalisation, its current-day leaders are taking the nation into what may be the trickiest reform stage yet.

China's next reform wave focuses on freeing up interest rates, allowing wider currency moves, and loosening restrictions on international money flows. Get it right, and China emerges as a more-efficient economy where money gets to its most productive areas. The flip side: a trail of crises from Latin America to Europe illustrates what can go wrong.