Seeing as the yuan is not a fully convertible currency, this may still take at least five years.
This sounds odd, since it is not fully convertible and Myanmar expects soon to have a large trade surplus.
The government wants to make it a fully convertible, tradable currency.
FORBES: Stronger Yuan Makes Life Harder For Chinese Exporters
In volume terms, HSBC expects RMB to become one of top three globally traded currencies by 2015, and within five years, it could be fully convertible.
China's State Council, or cabinet, said in a statement this month that the country would draft a plan to allow the yuan to become fully convertible.
WSJ: New Zealand, China in Talks on Convertibility of Currencies
Now while the Russian government still heavily intervenes in currency markets and is far from a paragon of laisez faire, th e ruble is fully convertible.
China is now likely to learn from its neighbours' experience and proceed more slowly in opening up its own financial system and making its currency fully convertible.
If I had been asked in early 1997 when China would make the renminbi fully convertible, I would have said that it would occur by the year 2000.
The last Republican to run on a platform calling for a dollar "on a fully convertible gold basis" was Dwight Eisenhower, who cast the promise aside once in office.
If you had asked me at the beginning of 1997 when the renminbi would become fully convertible, I would have predicted that this would occur around the turn of the century.
As the renminbi becomes fully convertible, ask yourself this question: Would you rather hold your savings in the dollar, which is falling in value, or the renminbi, which is rising in value?
Such agreements allow central banks to swap currencies and can be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies.
Such agreements not only allow central banks to swap currencies, but can also be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies.
Upon completion of the deal, Yeung's stakes in Grandtop will drop to 9.2% from his present 16.01% stake in the company, while Winning Top and Genuine Ocean, with no details disclosed on their ownership, would hold a combined 42.37% stake in Grandtop (if they fully exercise the convertible bonds issued by Grandtop).
Earnings per share are already reported based both on shares outstanding and on a fully diluted basis, that is, if all options, warrants, convertible bonds, etc. are exercised.
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