All convertible foreign exchange remitted, brought or mailed into the territory from abroad may be deposited in the foreign exchange accounts.

外汇账户(简称外汇户)凡从境外汇入、携入或寄入的可自由兑换的外汇可存入外汇账户。

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For another, despite brisk activity in derivatives, foreign exchange and convertible bonds, banks' mainstay businesses have suffered badly.

ECONOMIST: Investment banking

But Dino Kos, a former chief of markets at the Federal Reserve Bank of New York who now works for Portales Partners, a research firm, notes that the yuan does not meet one of the most basic requirements of a reserve currency: other countries cannot use it to intervene in foreign-exchange markets because it is not freely convertible.

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Last January, Yi Gang, the head of the State Administration of Foreign Exchange, stated that China would make the renminbi convertible on the capital account in five years.

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