As Chinese leader Xi Jinping works to increase the yuan’s role in global trade and finance, he’s encountering an unexpected speed bump: mainland companies. New data from the People’s Bank of China (PBOC) suggest corporate chieftains are dragging their feet on converting foreign-exchange earnings into local currency. In March, FX deposits rose to US$833 billion from $779 billion a month earlier, signaling that businesses are slow-walking moves to swap earnings into their home currency. The most obvious explanation: higher offshore interest rates that are contributing to a weaker-than-expected yuan. “This huge positive ... (full story)