First, it forces the issue of full convertibility of the Chinese currency.

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But they suffer from limited currency convertibility and a lack of investment opportunities.

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In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.

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The early benefits of the 1991 convertibility law, which established the currency board and, in effect, prevented the central bank from printing money, had been substantial.

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While focused on convertibility conservatives are open, encouraging, and supportive of the Austrian proposal of a parallel currency.

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