It is a mixed bag for citizens. If they want to go abroad or buy something abroad, they have to go through a complex dance to get the dollars they need. In the

It is a mixed bag for citizens. If they want to go abroad or buy something abroad, they have to go through a complex dance to get the dollars they need. In the past this was harder, then easier, then harder again...so whatever. It makes moving abroad more appealing to some Chinese (so they can earn a convertible currency rather than yuan), which isn't ideal for the Chinese government. I definitely don't think they should move to a convertible currency without a more stable financial system. They also rely on yuan being saved in China (because you can't invest your money easily outside) to drive cheaper investment capital in China.