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Such "beggar-thy-neighbour" policies might leave convertible currencies such as the dollar, euro and pound painfully overvalued.
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Under the command economy it was one of the very few companies that regularly did business with the West and thus had access to convertible currencies.
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Then, the convention was that currencies were freely convertible not to gold but to other currencies that were themselves theoretically convertible to gold (read: the dollar and sometimes the pound).
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Such agreements allow central banks to swap currencies and can be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies.
BBC: UK and China poised for currency swap deal
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Such agreements not only allow central banks to swap currencies, but can also be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies.
BBC: China and Brazil sign $30bn currency swap agreement
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There is abundant empirical evidence that the world economy will create many more jobs with its currencies convertible into gold than with paper money.
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Most other currencies around the world were convertible into the dollar at fixed exchange rates.
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In volume terms, HSBC expects RMB to become one of top three globally traded currencies by 2015, and within five years, it could be fully convertible.
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