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。

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"Once the conversion is made, the client can spread the tax of the conversion over a two-year period, " Lowlicht says.

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Second, a special provision Congress adopted (as a budget gimmick) allows those who convert in 2010 (and 2010 only) a special option: they can either recognize all their income from the conversion on their 2010 tax returns or spread that income over the 2011 and 2012 tax years.

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American Express earns revenues from card licensing fees, royalties on billings, charge volume, net spread revenue and cards in force, foreign exchange conversion revenue and also a share of the discount revenue earned by the operator.

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