The renminbi is still non convertible.

Second, China will have to make its currency convertible.

The regular resources cash balance at the end of 2004 was 329 million, consisting of 318 million in convertible currencies and 11 million in non convertible currencies.

Table 5 Non convertible currencies held at 31 December 2004

(The yuan should be included as soon as China makes its currency convertible.)

Bank reserves were in silver coins, and banknotes were convertible solely into silver.

Contingent convertible bonds, or cocos, have been proposed as a solution to this problem.

The equivalent of 1,491,424 ( 1,099,180) is held in currencies classified as non convertible, as follows

The financial plan for 2004 recommended a minimum regular resources convertible cash balance of 79 million.

That the exported goods are furnished against foreign currency convertible within three months of the date of shipment.

Table 5 shows details of the United States dollar equivalent of non convertible currencies held at 31 December 2004.

The lesson of the 1960 s suggests that a fully convertible renminbi could rapidly become a major international reserve currency.

Working capital is measured through the difference between resources in cash or readily convertible into cash (Current Assets), and cash requirements (Current Liabilities).

Financial contributions to accounts established under Article 18 shall be payable in freely convertible currencies and shall be exempt from foreign exchange restrictions.

If individually negotiated contracts are excluded from the draft instrument or are not covered by its mandatory scope, then the substantive liability regime applies mandatorily only to what may be called contracts of adhesion.

Some of the amino acids are convertible (with the expenditure of energy) to glucose and can be used for energy production just as ordinary glucose.

Parties could be asked to agree that annual contributions be fixed in euros and the equivalent of the euro amount be paid in any convertible currency.

Second, China will have to make its currency convertible. Third, the position of the euro will strengthen over time as more countries will join the euro zone.

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Recent moves toward renminbi internationalization, a more open capital account, and wider currency trading bands leave little doubt that the endgame is a market based, fully convertible renminbi.

First, all existing international regimes establish minimum levels of carrier liability, which apply mandatorily, that is to say the relevant substantive rules on liability of the carrier may not be contractually modified to the detriment of the shipper or consignee.

Nevertheless, it should be noted that if the draft instrument were to apply by default, albeit not mandatorily, a contracting party with more detailed knowledge of all the terms of the complete set of rules may find itself at an advantage.

In this context, the decision to retain the CFA franc, a freely convertible common currency that is pegged to the euro at a significantly overvalued exchange rate, is dubious.

While China has taken minor measures to slow the increase in its dollar denominated holdings, it has been unwilling to risk a fully convertible currency for domestic political reasons.

UNICEF internal liquidity guidelines recommend a year end regular resources convertible cash balance equal to at least 10 per cent of projected regular resources income for the following year.