Most convertible securities allow the buyer to convert into common stock at a fixed conversion price set at a modest premium to wherever the common is trading at the time the convertible security is issued.
It is beginning to promote use of the yuan instead of the dollar in transactions with some of its trade partners, but it has set no timetable for making its currency convertible.
The new investors may buy convertible preferred securities, that is, bond-like equity with an option to change to a set number of common shares at an established price and at an exercise date in the future.
Volkswagen's third-generation Beetle set out to address this with a more masculine design that has now been launched as a convertible too at the Los Angeles motor show.