Analysis So much of policy coming out of Beijing these days seems contradictory, especially where financial matters are concerned. On the one side, China’s leadership has all but shut down avenues for the country’s businesses to procure foreign capital, in particular any ability of Chinese firms to float public offerings in the United States. But at the same time, the authorities, after years of keeping foreign financial firms out of China, have invited America’s BlackRock to build, sell, and administer mutual funds in China. Without naming them, Beijing is inviting other foreign financial firms to do the same. If from some perspectives this sort of behavior seems inexplicable, it nonetheless does seem reasonable in one important regard, and that is Beijing’s long-held desire to make the yuan a global reserve currency and perhaps someday supplant the dollar as the premier international currency. Beijing has made no secret of its ambitions …