Last week, further holes were pierced in the dam of non-convertibility. Pharo Management, a hedge fund manager, announced it will offer renminbi-denominated shares in its funds.

上周，不可自由兑换的大坝上又被凿出更多洞孔：对冲基金管理公司发逻资产管理（Pharo Management）宣布将发行旗下基金的人民币计价股票；

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Moreover, there are few buyers, says Mark Dow, an emerging-market portfolio manager at Pharo Management in New York.

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