The benign conditions meant that the Convertibility Undertakings were not triggered and the HKMA did not carry out any discretionary monetary operations.

货币状况保持温和，兑换保证交易未被触发，金管局亦没有进行任何货币市场操作。

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In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.

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The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecast the future.

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But when Buenos Aires' economy began to reel from International Monetary Fund-imposed taxes, markets began doubting Argentina's willingness to maintain convertibility.

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