Miles to go and promises to keep. The words of the Robert Frost classic ring true for China’s foreign-exchange reforms, with every economist, strategist and analyst interviewed by Bloomberg saying the yuan isn’t anywhere close to being fully convertible even as it prepares to enter the IMF’s reserves basket on Oct. 1. A true free float is as far as a decade away, the yuan’s top forecaster said, while JPMorgan Chase & Co. produced a still-to-do list that includes the need to ease capital controls and cut back on intervention. “If fully free floating means a fully convertible currency with no capital restrictions and no currency interventions at all, I do not foresee it in the next five to 10...
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