Strictly, it is the variety of conversion rate that lead to dynamic adjustment of target asset-liability ratio.

更确切地说，是可转换债券转股率的变化导致了公司目标资产负债率的动态调整。

youdao

Capital flow is sensitive to interest rate and foreign exchange rate, a small spread may lead to large-scale currency conversion and arbitrage activities.

而国际资本流动对利率、汇率波动的敏感程度较强，微小的利差、汇差就可能导致大范围的货币兑换和套利行为。

youdao