BEIJING - China has taken more steps this month to loosen its grip on the yuan than at any time since curbs were imposed in the aftermath of a chaotic devaluation in 2015.
Paring back control helps liberalize China's currency market, an important component of Beijing's long-term plan to encourage greater global usage of the yuan. Reducing China's reliance on the U.S. dollar is increasingly pressing as tensions with Washington spill over to the financial sphere. Beijing's campaign to liberalize the yuan stalled after a messy devaluation in August 2015 that triggered a vicious cycle of rapid depreciation and capital flight. The trade war triggered another round of losses from mid-2018, which eventually pushed the yuan to its weakest in more than a decade the following year.
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