Zhou's

At home, though, Mr. Zhou's U.S. friends may be a political liability.

Political Overlords Shackle China's Monetary Mandarins Bob Davis 2011

Mr. Zhou's power is limited when it comes to key decisions about monetary policy.

Political Overlords Shackle China's Monetary Mandarins Bob Davis 2011

China's leaders have yet to endorse further liberalization—and indeed never formally endorsed making the yuan part of the SDR, as Mr. Zhou's article suggested, because the IMF and the U.S. insist that China make its currency fully convertible to qualify.

Were China's Leaders Conned? Bob Davis 2011

Communist Party chief and President Jiang Zemin, who served from 1989 to 2002, became a friend of the Zhou family as a young man after Mr. Zhou's father hired him for a factory job.

Political Overlords Shackle China's Monetary Mandarins Bob Davis 2011

Although the leadership didn't endorse the specifics of Mr. Zhou's idea, the idea of a much larger international role for the yuan gained momentum.

Were China's Leaders Conned? Bob Davis 2011

But other well-informed scholars dismiss Mr. Zhou's political skills, saying he couldn't have pulled off the strategy even if he wanted to.

Were China's Leaders Conned? Bob Davis 2011

Mr. Zhou's influence is by no means the only factor.

China's Crackdown Signals Shift Jeremy Page 2011

So when the online calls for antigovernment protests in China began, it would have been politically hard for any Politburo member to counter-balance Mr. Zhou's views with an argument for restraint, even if they wanted to, the diplomats and analysts say.

China's Crackdown Signals Shift Jeremy Page 2011

Mr. Zhou's partisans say he used the language of economic nationalism to push an agenda that ultimately would loosen state control of the economy by making the yuan, also known as the renminbi, or RMB, more dependent on market forces than government orders.

Were China's Leaders Conned? Bob Davis 2011

Mr. Zhou's "reformist measures and his global-mindedness may have undercut the advancement of his career," says Fred Hu, head of a Beijing investment company and a longtime Zhou adviser.

Political Overlords Shackle China's Monetary Mandarins Bob Davis 2011