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China's turn back to capital controls weighs on bid for status

BEIJING -- China faces an uphill battle to win further global recognition for its currency and economic advancement, given Beijing's history of rolling back market reforms when they are no longer useful.

The U.S. on Wednesday joined the European Union and other world powers in refusing to grant China market-economy status under the World Trade Organization, denying Beijing what it sees as recognition befitting the country's role as the world's second-largest economy. This is not without reason: global economic authorities have been burned before.

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