The currency is fully convertible, which means it can be freely exchanged for other currencies.
这种货币是完全可兑换的，意味着它可以自由地兑换成其他货币。
Most countries have removed restrictions on capital
convertibility to attract foreign investment.
大多数国家已经取消了资本兑换限制以吸引外资。
The stock market rallied after the government announced plans to liberalize financial
convertibility.
政府宣布放宽金融兑换管制后，股市大幅上涨。
Gold was once used as a standard for currency
convertibility during the gold standard era.
在金本位时代，黄金曾被用作货币兑换的标准。
China has gradually increased the
convertibility of its renminbi to promote international trade.
中国逐步提高人民币的可兑换性以促进国际贸易。
Convertible bonds allow investors to exchange them for company shares at a predetermined rate.
可转换债券允许投资者按照预定比率将其转换为公司股票。
The bank guaranteed the full
convertibility of my savings account into cash.
银行保证我的储蓄账户可以全额兑换成现金。
The rise in oil prices affected the country's balance of payments and threatened currency
convertibility.
油价上涨影响了该国的国际收支平衡，并威胁到其货币的可兑换性。
Some economists argue that complete
convertibility could lead to speculative attacks on a country's currency.
一些经济学家认为，完全可兑换可能导致对一国货币的投机攻击。
To ensure economic stability, the central bank must maintain a certain level of control over currency
convertibility.
为了确保经济稳定，中央银行必须在一定程度上控制货币的可兑换性。
Global experience indicates that the complexity of financial regulation and supervision rises along with increased potential risks due to greater financial openness and capital account convertibility.
At its annual conference that set out key tasks for 2022, the People's Bank of China, the country's central bank, also decided that it will pursue improvements in foreign exchange services and management, enhance capital account convertibility in an orderly manner and steadily internationalize the renminbi.
Efforts will be made to promote financial opening-up, increase the flexibility of the renminbi, enhance capital account convertibility and push ahead international cooperation in green finance, the statement said.
Ever since the United States announced the suspension of the dollar's convertibility into gold in 1971, effectively bringing the Bretton Woods system to an end, many central banks have over-issued currencies to inject money into the economy.
Despite Pudong's progress so far toward the goal of transforming Shanghai's financial character, greater convertibility of the renminbi and further efforts to build a rules-based business environment are still needed, experts said.
Zhang Hong, director of Pudong's financial work bureau, said the area will continue to pilot financial reforms and innovations, further elevating the convertibility of the renminbi while keeping risks contained.
In the mid- to long-term, Shanghai still needs to achieve the full convertibility of the renminbi to make itself a major global financial center.
"If the issue of currency convertibility is solved, the position of Shanghai as a real global financial center will be unshakable," Zhu said.
Zhou Xiaochuan, vice-chairman of the Boao Forum for Asia, said the yuan should be used more conveniently, with its convertibility improved.
The fact that a rising number of countries have chosen the renminbi as an alternative international currency reflects their trust in the stability and convertibility of the renminbi as well as China's economic vitality and financial health.
"Moody's analysts also said that although a more multipolar currency system is expected to emerge over the next few decades, it will still be led by the greenback because its alternatives will struggle to replicate its scale, safety and convertibility in full.
The central bank will also carry out relevant pilots to further liberalize and facilitate cross-border trade and investment and steadily move ahead with the convertibility of the renminbi under the capital account, the PBOC said in its third-quarter monetary policy report, published in November.
On the other hand, the full convertibility between the US dollar and the Hong Kong dollar makes drastic revaluation difficult and unnecessary," Li said.
John Waldron, president and chief operating officer of The Goldman Sachs Group, said pilot projects providing increased free convertibility of foreign exchange have been launched recently in Beijing and Shenzhen, Guangdong province.
Analysts said the connect program, if implemented, will mark a further step toward convertibility of the renminbi under the capital account.
The connect program, if implemented, will mark a further step toward convertibility of the renminbi, the Chinese currency, under the capital account.
Financial industry opening-up and innovation will gather speed this year as policymakers further streamline capital account convertibility process in China, a leading financial expert said.
Capital account convertibility, or allowing foreign capital to flow freely into and out of China, will be one of the key priorities during the 14th Five-Year Plan period (2021-25), Huang Yiping, deputy dean of the National School of Development at Peking University, told China Daily in an interview.
According to Huang, basic convertibility of the renminbi may occur by 2025 along with a significantly higher global acceptance of the Chinese currency among investors.
The addition of copper, the world's most-traded base metal, to a growing suite of international commodity futures will increase China's appeal to the global trading community, analysts say, even if limits on yuan convertibility remain a barrier to wider adoption.
The first is "availability of deep, liquid markets for financial products," while the second is smooth convertibility of the yuan, on which Chinese authorities have taken "significant further steps over the past year to facilitate transactions," Neumann added.
Zhou Xiaochuan, former governor of the PBOC, said: "Successful cross-border payments need full respect for currency sovereignties of emerging markets and developing countries, their various exchange rate regimes and convertibility regulations, as well as considerations behind their macro-prudential management policies.
Recently, financial experts stressed that the opening up of the financial sector should go hand in hand with reforms in exchange rate formation mechanism and the process of advancing capital account convertibility.
Wang Yiming, former deputy director of the Development Research Center of the State Council, said that with the continuous improvement in China's opening-up, RMB capital account convertibility is inevitable, and China has made significant progress in promoting the convertibility of capital and financial accounts.
"Wang said that China will promote RMB capital account convertibility in some pilot areas, including Shanghai, Shenzhen and Hainan province, and strengthen the interaction between the pilot free trade zones and offshore RMB centers.
To further promote the financial structural reform under its new development strategy of "dual circulation", China needs to promote the flexibility of the renminbi exchange rate and improve the convertibility of the capital account, said Zhang Xuechun, deputy director general of the Research Bureau of the People's Bank of China, the central bank.
Liu said that the PBOC would advance the internationalization of the renminbi and capital account convertibility in a proactive and sound manner.
China will advance the internationalization of the renminbi (RMB) and capital account convertibility in a proactive and sound manner, Yi said, noting a good momentum for RMB's internationalization at the moment.
It will advance the internationalization of the yuan and capital account convertibility, and unify the foreign exchange management policies applied in the opening-up of China's bond market.
It will promote a full implementation of the foreign investment administration model of pre-establishment national treatment plus negative list, advance the internationalization of RMB and capital account convertibility in a proactive and sound manner, and unify the foreign exchange management policies applied in the opening-up of China's bond market.
The outlook remains stable, and the transfer and convertibility assessment is unchanged at AAA, the agency announced in its latest report on Hong Kong.
Central bank officials also mentioned on Thursday that as an international financial hub, Shanghai can take a step further to free the usage of the renminbi and achieve convertibility of the capital account.
"He also mentioned that as an international financial hub, Shanghai can take a step further to free the usage of RMB and achieve the convertibility of capital accounts.
"The capital account convertibility process is advancing steadily.
But the RMB internationalization requires "high-quality" capital account convertibility, as well as changes to the cross-border investment regulations, wrote Huo Yingli, director of the PBOC's Macro Prudential Management Bureau, in an article.
But the renminbi should head for higher convertibility when the country is opening up its financial sector.
He also said measures are needed to ward off problems like money laundering when advancing the free convertibility of the Chinese currency.
Pan Gongsheng, head of the State Administration of Foreign Exchange, said at the same forum that the top foreign exchange regulator will elevate the convertibility of China's capital account mainly by pushing forward two-way financial market opening-up.
In expanding financial-sector opening-up, the country will adopt an approach of pre-establishment national treatment with a negative list, and pursue coordinated progress in financial opening-up, the reform in exchange rate formation mechanism and the process of advancing capital account convertibility, the People's Bank of China said in an article posted on its website.
But he opposes fully convertibility of RMB, given the lessons from Asian financial crisis in 1997.
The State Administration of Foreign Exchange said on Friday that improving convertibility of the capital account would be one of the key tasks this year so as to gradually achieve free cross-border capital flows and further open the bond market.
Ma Jun, a member of the PBOC monetary policy committee, said that new measures are expected and the plan will be a breakthrough to further open the financial sector for foreign investment and achieving the capital account convertibility.
The State Administration of Foreign Exchange said on Tuesday that reforms will continue to foster an opening of the foreign exchange market and gradually achieve capital account convertibility.
Yi said China would continue to push capital account convertibility in an orderly manner.
He also called for more convertibility of the yuan under the capital account and better macro-prudential regulation over cross-border capital flows, as well as an enhanced regulatory framework and stronger financial infrastructure that match the pace of financial opening-up.
The function of free trade accounts at the China (Shanghai) Pilot Free Trade Zone should be further explored to promote capital account convertibility, he said.
The country will push forward capital account convertibility in a steady and orderly manner, while facilitating free trade and cross-border investment, including continually attracting high-quality foreign direct investment in China, Pan Gongsheng, director of the State Administration of Foreign Exchange, wrote in the SAFE annual report published on Thursday.
Central Bank Governor Yi Gang delivered a speech at a forum on Tuesday pledging to further open the financial sector in line with the reform of the exchange rate formation mechanism and the process of advancing capital account convertibility.
There is more room for further opening-up by China in the financial sector, with more efforts to focus on three areas－capital account convertibility, market-oriented exchange-rate reform and market access expansion for domestic and foreign investment－according to Yi Gang, governor of the country's central bank.
Second, financial sector opening-up will go in tandem with the progress of exchange rate reform and capital account convertibility.
"Yi said the opening-up of the financial sector should go together with the reform in exchange rate formation mechanism and the process of advancing capital account convertibility.
International investors' holding of renminbi was traditionally low, due to the currency's lack of convertibility.
International investors’ holding of RMB was traditionally low, due to the currency’s lack of convertibility.
Moreover, the financial office will continue to push forward renminbi internationalization and capital account convertibility in Shanghai free trade zone, Li said.
But it will take time as the process of capital account convertibility will be carefully measured so as to prevent financial risks from undermining the economy, Zhou said.
"We can see that China has stepped further steadily in terms of greater convertibility of the Chinese currency.
Yi Gang, vice-governor of the PBOC, said efforts are also being made to advance capital account convertibility, including direct investment and portfolio investment.
"Zhou Xiaochuan, governor of the People's Bank of China, the central bank, said that the country can be bolder in opening-up market access to foreigners and will steadily and gradually push forward the capital account convertibility.
China did not achieve the goal of seeing the full convertibility of its currency as scheduled in the 12th Five-Year Plan (2011-15), though that was partly due to the global financial crisis in 2008 and world economic downturn that followed.
The internationalization of the yuan also help push the opening up of the financial market and China will steadily and gradually push forward the capital account convertibility, Zhou said.
According to KBA, the greater convertibility of the Chinese currency will reduce the cost of trade between the two nations as it will eliminate the need to use intermediary currencies for trade.
"The reason to use dollar reserves to invest in yuan was mainly motivated by the fact the CNY is primarily quoted against the US dollar, which simplifies the process of convertibility and minimizes the transaction costs to build the small CNY portfolio," the European Central Bank told Xinhua.
The country's top foreign exchange regulator, the State Administration of Foreign Exchange, also issued a statement on Tuesday, announcing aims to maintain foreign exchange market stability in the coming months, while promoting capital account convertibility in a "steady and orderly" manner.
Hong Kong's lack of restrictions on capital and currency convertibility makes it ideal as a core center for raising capital for Belt and Road Initiative-related projects, he added.
Hong Kong’s lack of restrictions on capitals and currency convertibility makes it an ideal place to become a core center raising capital for Belt and Road initiative-related projects, he added.
French said he sees potential capital market reforms, more convertibility under capital account, and sustained efforts to promote low carbon development－which reflects a key business for the bank, sustainable financing.
In the last several years, the PBOC has taken effective steps to reduce forex control and promote renminbi convertibility in a prudent manner," Jin said.
Internationalization of the yuan and increasing convertibility of the capital account should proceed at a steady pace.
The world's second largest economy will further open up its financial market to promote the internationalization of the Chinese yuan and capital account convertibility in a steady pace, Xi added.
The world's second-largest economy will further open up its financial market to promote the internationalization of the yuan and capital account convertibility in a steady pace, Xi said.
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