The Chinese economic model, as presently constituted, is incompatible with complete currency convertibility.

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

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There has been little movement towards market reform, and moves towards currency convertibility last year have been undermined by severe trade and financial restrictions.

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

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In that year, the U.S. was busy trying to convince the public that it was going to dilute the gold standard with silver convertibility if not greenback currency, while suggesting it might also impose an income tax.

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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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The government promises to gradually strengthen the currency by around 3% annually until it reaches full convertibility.

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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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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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