Convertible currency and exchange rate have intense inner link.

货币可兑换与汇率机制具有紧密的内在联系。

youdao

Because the single currency deprived members of monetary and exchange-rate flexibility, they were likely to need more, not less, fiscal flexibility.

因为单一货币夺走了成员国的本国货币和汇率弹性空间。而他们需要的是提高弹性空间，而不是减少。

youdao

Another was to use foreign currency: the bank could lend, or accept a bill of exchange, in one currency and collect its debt in another, building a hidden rate of interest into the exchange rate.

另一个好处是他们可以利用外国货币。银行可以用一种货币借出汇票再用另一种货币来收债，暗中调高的汇率就成了银行自己的潜利润。

youdao

Ending a national currency and an exchange rate means that an exchange-rate crisis is not possible.

FORBES: Dollarize Emerging Markets

"When you are creating a currency whose purpose is to be unregulated and then that currency gains value and its exchange rate with the dollar or the pound sterling increases, then clearly this is going attract all sorts of people who want to launder their illicitly earned money, " he says.

BBC: Digital currency: Brave new world or criminal haven?

The Minister instructed the teller that there was to be a new and more favorable currency exchange rate for the day and the financial instrument was to be converted at this new rate.

FORBES: What Companies Can't Do About Corruption